Legal DealFolio - Allianz Global Investors/EIB Finance for M8, M73, M74 Motorways, Scotland

Linklaters has advised Allianz Global Investors Europe and the European Investment Bank (EIB) on the GBP400m widening and improvement works to the M8, M73 and M74 motorways in Scotland. The project was 50% financed by debt financing provided by the EIB and 50% by a bond issuance wholly subscribed on a deferred payment basis by Allianz Global Investors which has been listed on the Luxembourg Stock Exchange. The transaction is the largest project to reach financial close under the Scottish Non-Profit Distributing model. The transaction includes a number of important "firsts" for the UK infrastructure sector since the financial crisis: First UK listed project bond to feature a deferred settlement mechanism to mitigate negative carry First use of an unwrapped construction phase project bond pari-passu with an EIB loan First such investment by a UK pension fund First UK Project Bond to utilise a "Monitoring Adviser" for the bondholders The Linklaters team was led by Bruce White and Julian Davies.

Deal Date:	27-02-2014	Practice Area:	Project Finance and Infrastructure
Deal Title:	Allianz Global Investors/EIB Finance for M8, M73, M74 Motorways, Scotland	Industry:	Public Sector
Description:	Linklaters has advised Allianz Global Investors Europe and the European Investment Bank (EIB) on the GBP400m widening and improvement works to the M8, M73 and M74 motorways in Scotland. The project was 50% financed by debt financing provided by the EIB and 50% by a bond issuance wholly subscribed on a deferred payment basis by Allianz Global Investors which has been listed on the Luxembourg Stock Exchange. The transaction is the largest project to reach financial close under the Scottish Non-Profit Distributing model. The transaction includes a number of important "firsts" for the UK infrastructure sector since the financial crisis: First UK listed project bond to feature a deferred settlement mechanism to mitigate negative carry First use of an unwrapped construction phase project bond pari-passu with an EIB loan First such investment by a UK pension fund First UK Project Bond to utilise a "Monitoring Adviser" for the bondholders The Linklaters team was led by Bruce White and Julian Davies.
Financial Center:	London	Value:	500.01-1000.00
Advised Party:	Debt Provider	Law Firm	Linklaters
Project Location	United Kingdom	Equity Sponsor	United Kingdom
Classification:	Project Finance Road	Lawyer	Bruce White

Practice Areas -

Project Finance and Infrastructure Law Firms and Lawyers

Practice Areas - Project Finance and Infrastructure Law Firms and Lawyers