Financed ProjectsSofia Airport Financing - Senior Project

Identification Code:

OP/20/0034

Total Operation Cost:

480.000.000

Maturity:

84 months

Operation Status:

Description and Purpose of the Operation:

Provision of a project finance facility to a special purpose vehicle SOF Connect AD with lead shareholder Meridiam, to pay the upfront concession fee for Sofia Airport concession as well as to fund the new and maintenance capital expenditures.

Countries of Operation:

Bulgaria (100,00 %)

Financial Product:

Loans

Sector:

Industrials

Domain:

Private

Borrower/Client:

SOF Connect AD, Bulgaria

Co-Financiers/Participants:

IFIs (EBRD and IFC) and commercial banks (Unicredit, Societe Generale, KommunalKredit, DSK Bank)

Guarantors/Sponsors:

Sponsor: Meridiam

Developmental and Regional Cooperation Impact:

The operation is one of the largest PPP projects in Bulgaria in recent years. With the involvement of private sector, it is expected that the quality and efficiency of the airport operations and services will improve significantly. The concessionaire will also modernize and upgrade the airport facilities. BSTDB funding will be additional to the commercial financing. This support is especially important under the Covid-19 conditions that have a significant impact on airports and air transportation in general.

Environmental Classification and Impact (summary):

Category B+. Environmental and Social Due Diligence was carried out by the external technical advisor Arup, and reviewed by the Lenders’ Technical Advisor Mott McDonald. The due diligence did not identify material risks and impacts related to the current operation of the Airport. Any existing issues will be addressed by the Operator through the Environmental and Social Action Plan and the Stakeholder Engagement Plan specifically drafted for this purpose.

Operation Leader:

General Industries, Transport, Tourism 2

E-mail:

gitt2@bstdb.org