May 2021 – Kinstellar, in conjunction with the UK law firm Linklaters, has successfully advised a group of international banks in relation to the concession agreement and the drafting and negotiating of financing documentation for the first-ever PPP motorway project in the Czech Republic. The banks involved in financing the transaction are: Československá obchodní banka, KfW IPEX, DZ Bank, NordLB, MEAG, SMBC, Siemens Bank, UniCredit and Société Générale.
The roughly CZK 18 billion (approximately EUR 700 million) deal required considerable expertise on the part of the team, as well as the need to devise a large number of new projects and financing-related solutions.
A French consortium comprising VINCI Concessions and Meridiam will now build a new 32-kilometre stretch of the D4 motorway between the southern Bohemian towns of Příbram and Písek. The project represents the first time a Czech motorway will be constructed and operated by a private enterprise. At the same time, the consortium will be responsible for the reconstruction and upgrading of existing stretches of the D4 with new technologies.
The deal is being hailed as a major breakthrough for Czech infrastructure projects. The financing deal was concluded on 29 April, bringing to a close the preparatory phase.
The Kinstellar team was led by Partner Kamil Blažek, working with Martina Březinová (Counsel) and team members Jan Lehký (Counsel), Michal Forýtek (Managing Associate), Alice Radvanovská, Denisa Šimanská, and Igor Šebo (Junior Associates).
Further transaction advisors included: PwC, Clifford Chance, CMS and ESTER advising Vinci and Meridiam; while the contracting authority was advised by Česká spořitelna, White & Case, Obermeyer Helika and Siebert & Talaš.