Brisa – Auto-Estradas de Portugal, S.A. (Brisa) is a leading European toll road platform with a network of over 1,500km covering the fundamental axis of the Portuguese road system
The network includes 21 motorways, with over 7.5 million customers driving on the roads per year
DC Advisory (DC) was mandated by APG, NPS and SwissLife (the Consortium) to provide debt advisory services in relation to the acquisition of 81.1% of Brisa
DC has a very deep and thorough experience in raising financing for transportation assets through a number of previous transactions, including advising APG, QIC and SwissLife on the financing for the acquisition of a 36% stake in Brussels Airport
Process:
DC ran a comprehensive financing process, engaging various sources of liquidity in order to secure a competitive acquisition financing package meeting the needs of the Consortium
DC assisted with a number of detailed work streams, including financial modelling, business planning and due diligence, while leading on debt structuring and full documentation negotiations in order to address a number of key objectives:
Establish a flexible financing structure which could meet the business plan requirements
Secure favourable pricing and terms in a volatile market
Outcome:
The Consortium’s bid was successful and the transaction signed in April 2020
DC was able to deliver a market-leading outcome for the Consortium on a very complex acquisition process in the midst of turbulent market conditions:
Secured a subordinated certain funds financing in the midst of the COVID-19 peak in Europe
Established a sustainable long term MidCo financing package
Designed an attractive covenant suite to fit the business plan
Reduced financing risk with a tailored repayment profile, and on favourable terms reflective of strength and stability of the Asset
