Hungary: M1/M15 (1993) - Toll Road
€250 million, 40 kilometer tolled extension to the existing M1 Motorway which completed the motorway link from Budapest to Vienna. This was the first major private infrastructure project successfully financed in Central and Eastern Europe after the fall of the Berlin Wall. Finance was provided by the European Bank for Reconstruction and Development and a syndicate of commercial banks and included a long-term, forint-denominated debt facility.
Hungary: M5 Motorway (1995) - Toll Road
Following on from the M1/M15 above, reduced traffic flows necessitated risk sharing in respect of revenue levels between the public and private sectors in a transaction that has subsequently been described as Eastern Europe's first PPP.
Croatia: Bina Istra (2002) - Toll Road
€320 million facility for the refinancing and extension of the Istrian Y motorway. The financing was implemented at a point in time when term financing for Croatia was not readily available and included a project bond issue that was not wrapped or otherwise credit-enhanced.
Poland: A1/A2/A4 Motorways (1997-2009) - Motorways
Over 450km of Polish motorways have been procured and financed under concession laws. The projects represented first privately financed major infrastructure assets in Poland and included greenfield and refurbishment of existing roads. Transactions have been developed and renegotiated over years, including changes in tolling systems. Major multilaterals and commercial banks provided financing.
Dominican Republic: Autopistas del Nordeste (2006) - Toll Road
US$210 million, 106 kilometer toll road between Santo Domingo and the Samaná peninsula in the Northeast of the Dominican Republic. Financed via a US$168 million private placement in the U.S. (144a) with Morgan Stanley (rated by Fitch).