Norton Rose Fulbright advises on €350 million refinancing of Superstrada Pedemontana Veneta

Global law firm Norton Rose Fulbright has advised on the due diligence for the refinancing of Superstrada Pedemontana Veneta's (SPV) junior debt, led by a fund managed by Ares Infrastructure Debt (Ares).

The transaction involved a new junior loan of up to €350 million, intended to refinance the concessionaire's existing junior debt. At closing, approximately €310 million was disbursed, with the option for further drawdowns up to the maximum facility amount.

SPV is a 162.9km toll road in the Veneto Region, in Northen Italy. It is controlled by the SIS joint venture, owned by the Italian Fininc Group and the Spanish Sacyr Group. FinX Capital S.p.A. acted as financial advisor to SPV, supporting the structuring and negotiation of the transaction. Existing lender Vantage Infrastructure elected to roll its commitment into the new junior facility alongside Ares. Vantage Infrastructure is an independent specialist investment manager focused on providing debt and equity solutions within the infrastructure sector.

The Milan-based Norton Rose Fulbright team advising Ares and Vantage Infrastructure on the due diligence aspects of the project, was led by partner Nunzio Bicchieri supported by senior associate Stefania Casini.