Financing of approximately GBP1 billion for Silvertown Tunnel reaches financial close
26 November 2019
Once open, the PPP project will reduce congestion at the Blackwall Tunnel, through increasing capacity and enabling greater use of public transport. It will also improve the air quality in the vicinity, as well as the reliability and resilience of the wider road network.
The approximately GBP1 billion financing structure involves a combination of different debt tranches provided by 15 lending institutions across the world, including senior debt tranches comprising private placement, ECA-covered and commercial facilities, with a tenor of up to 30 years and an equity bridge facility.
A&O partner and global head of infrastructure, David Lee commented: "This PPP deal is a significant UK infrastructure project which will bring huge benefits to South East London. It is interesting to note that in a world in which political discourse remains outspoken and disruption to our political system continues unabated, business and the public sector can still work together quietly and effectively to deliver important projects. It is worth reminding ourselves that since the project began in 2016, we have seen a Brexit vote, two London Mayors, two General Elections announced and three different Prime Ministers."
David Lee led the London and Madrid teams. The London team comprised partners Mark Walker and Sara Pickersgill, senior associates Mitchell Ikoghode, Mark Warren, Kristel Fournier-O'Connor and Chloe Bowskill and associates Chinedu Ihenetu-Geoffrey, Ghazi AbuYounis, Danielle Hyde and Khin Hsu Myat. Partner Charles Poole-Warren and senior associate Mayte Dura advised from Madrid.
For further information, please contact Susanna Robinson, on +44 (0)20 3088 3918.