← Experience
East Africa · Transport infrastructure · Export, Agency & Sovereign Finance · Financial close
Financing an international infrastructure contract
An international EPC contractor was awarded a major road infrastructure package by an East African government. The underlying works were valued at approximately €100m, with external financing required to support implementation. Brockport was mandated by the contractor to arrange financing and support the transaction through financial close.
€115m
ECA-backed buyer-credit facility, including financing of the applicable ECA premium. Underlying works of approximately €100m.
Status: financially closed, awaiting the final disbursement schedule. The facility is not described as disbursed.
The challenge
Securing the contract was only one part of the transaction.
Execution required a financing structure capable of accommodating the sovereign borrower, the infrastructure programme and the risk parameters of international lenders. As the financing progressed, execution also required satisfaction of environmental, social, legal and other conditions associated with an institutionally supported sovereign financing.
Brockport’s role
From financing requirement to financial close.
Brockport acted as adviser, originator and structurer. Financing, insurance and guarantee capacity were provided by the institutions shown in the pathway.
01
Assess the financing requirement and potential institutional structure.
02
Engage export credit and investment insurance support.
03
Identify and engage international lenders.
04
Support development of the €115m ECA-backed buyer-credit structure.
05
Support environmental and social workstreams required for the financing.
06
Assist the client and transaction parties in addressing and closing conditions precedent.
07
Coordinate across the contractor, financing institutions and relevant stakeholders.
08
Support the financing process through financial close.
The structure
An ECA-backed buyer credit, including premium.
The transaction developed into a €115m ECA-backed buyer-credit facility, including financing of the applicable ECA premium. An international commercial bank acted as lead lender, with additional lending capacity incorporated into the financing structure.
International EPC contractor
Brockport
ECA and international lenders
Sovereign borrower
Transport infrastructure programme
Client, lender and institutional identities are anonymised in accordance with Brockport’s disclosure policy.
The outcome
€115m financing brought to financial close.
Following development of the financing structure, institutional engagement and completion of the required transaction workstreams and conditions precedent, the €115m ECA-backed buyer-credit facility reached financial close. The final disbursement schedule remains part of the transaction’s implementation process.
Underlying project
Approx. €100m
Financing facility
€115m
Structure
ECA-backed buyer credit
Borrower
Sovereign / Ministry of Finance
Sector
Transport infrastructure
Region
East Africa
Brockport role
Financing arranger and transaction advisor
Status
Financially closed
Related transactions
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East Africa · Transport infrastructure · Financial close
Financing an international infrastructure contract
€115m
ECA-backed buyer-credit facility, including financing of the applicable ECA premium. Underlying works of approximately €100m.
Status: financially closed, awaiting the final disbursement schedule. The facility is not described as disbursed.
The challenge
Securing the contract was only one part of the transaction.
Execution required a structure capable of accommodating the sovereign borrower and the risk parameters of international lenders, then satisfaction of the environmental, social and legal conditions attached to an institutionally supported sovereign financing.
Brockport’s role
From financing requirement to financial close.
01
Assess the financing requirement and potential institutional structure.
02
Engage export credit and investment insurance support.
03
Identify and engage international lenders.
04
Support development of the €115m ECA-backed buyer-credit structure.
05
Support environmental and social workstreams required for the financing.
06
Assist the client and transaction parties in addressing and closing conditions precedent.
07
Coordinate across the contractor, financing institutions and relevant stakeholders.
08
Support the financing process through financial close.
Brockport acted as adviser, originator and structurer. Financing, insurance and guarantee capacity were provided by the institutions shown in the pathway.
The structure
An ECA-backed buyer credit, including premium.
The transaction developed into a €115m ECA-backed buyer-credit facility, including financing of the applicable ECA premium. An international commercial bank acted as lead lender, with additional lending capacity incorporated into the financing structure.
International EPC contractor
Brockport
ECA and international lenders
Sovereign borrower
Transport infrastructure programme
Client, lender and institutional identities are anonymised in accordance with Brockport’s disclosure policy.
The outcome
€115m financing brought to financial close.
The facility reached financial close. The final disbursement schedule remains part of implementation.
Underlying project
Approx. €100m
Financing facility
€115m
Structure
ECA-backed buyer credit
Borrower
Sovereign / Ministry of Finance
Sector
Transport infrastructure
Region
East Africa
Brockport role
Financing arranger and transaction advisor
Status
Financially closed
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