The proposed project represents the refinancing of the existing M5 Toll Motorway project signed in 1995 and structured on the assumption that it should be refinanced by 2008. The refinancing will replace existing debt for the M5 Toll Motorway project and will cover certain refinancing costs.
The project will strengthen Hungary’s attractiveness to foreign investors in the infrastructure sector and demonstrate the development of the Hungarian market to allow refinancing arrangements that enhance equity return, as is common in more advanced market economies. The Bank’s role in the refinancing and the refinancing itself will both have a strong demonstration effect that private investment in the provision of infrastructure continues to be a practical proposition in Hungary.
Alföld Koncessziós Autópálya Részénytársaság was incorporated on 27 July 1994 as a single purpose company to undertake the finance, construction and operation of the M5 motorway after a successful tender for the concession by the consortium of companies led by Bouygues and Strabag. The company derives its income from the collection of tolls on the motorway.
A €205 million refinancing loan, of which the EBRD's loan will be up to €85 million and the remainder will be provided by a syndicate of commercial banks.
There is no environmental impact on this refinancing project. The original motorway construction project was screened as A/0. An Environmental Impact Assessment was prepared, public meetings were held and the agreed environmental mitigation programme has been fully implemented.
Paul-Henri Aumont, C.E.O.
AKA Rt - M5 Toll Motorway Hungary
Lajos utca 26 - 1023 Budapest
tel. (36 1) 326 05 55 ext. 205
fax. (36 1) 326 05 45
gsm. (36) 70 33 55 205
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