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Allen & Overy advises on Autostrada A3 project bond and financing

Allen & Overy has advised JP Morgan and Santander as lenders under a bridge facility and bookrunners on a EUR518 million project bond issued by a special purpose vehicle denominated Salerno Pompei Napoli S.p.A (SPN), controlled by the SIS Consortium S.c.p.a. (comprising Sacyr with a 49% stake and Fininc with a 51% stake) to finance the takeover of the concession for the operation of the A3 (Naples-Pompei-Salerno) toll road in Italy. The senior secured amortizing notes are fixed rated securities due 2045 and have been rated “BBB” by Fitch. 

Allen & Overy also advised Banco BPM as lender in relation to a EUR90 million VAT financing in favour of SPN.  

The project includes the execution of construction and extraordinary maintenance works for around EUR390 million to modernize and improve the safety of several sections of the highway as well as the carrying out of the operation and maintenance of the road. The highway extends 52 km from Naples to Salerno. The A3 constitutes an instrumental infrastructure to southern Naples, as it connects the Vesuvius/Amalfi coast with the ports of Naples and Salerno to the rest of the region’s highways.

Commenting on the transaction, counsel Nunzio Bicchieri said: “There is a real need for infrastructure renewal in Italy, which will require committed sponsors and a diverse range of debt sources to fund the new assets. We were delighted to deploy our skills and experience and partner with JPMorgan and Santander alongside sponsors Sacyr and Fininc to deliver this transaction. The structure of this deal will provide a template for future successful projects.”

Allen & Overy has advised with a cross-department and cross-jurisdictional team led by a core team of partners Craig Byrne and Tim Conduit, counsels Nunzio Bicchieri and Frederic Demeulenaere, together with senior associate Sarah Capella and associates Evangeline Schumacher and Edoardo Brugnoli, in addition to partner Pietro Scarfone and associates Marco Mazzola, Fabio Gregoris and Arnaldo Mitola. Partner Francesco Guelfi with senior associate Elia Ferdinando Clarizia and associate Simona Simone assisted on tax-related matters.