Infrastructure financing takes off in the US
Infrastructure financing takes off in the US with the largest greenfield public-private partnership project ever done.
Societe Generale is supporting the comprehensive redesign project of LaGuardia, one of the major airports in New York, which aims at becoming a world-class transportation hub with an enhanced passenger experience.
Societe Generale acted as Financial Advisor to LaGuardia Gateway Partners, owned by Vantage Airport Group, Meridiam and Skanska Infrastructure Development, for the USD 4 billionredevelopment project, the largest airport financing deal and the largest greenfield public-private partnership project ever done in the US.
The Bank’s involvement began in January 2014 and involved structuring a financing tailored to the unique technical solution proposed by the consortium. Societe Generale advised LaGuardia Gateway Partners in its negotiations of the key commercial and financing arrangements, as well as obtaining the necessary credit ratings.
Testimony from Olivier Garnier, Meridiam's Chief Risk officer and lead finance officer on this project:
"In this very complex transaction involving numerous stakeholders, Societe Generale's financial advisory team provided tremendous value to the LaGuardia Gateway Partners consortium over the three-year period from bid phase to financial closing, by supporting the consortium partners in all commercial and contractual negotiations, developing the financial model and managing the development and implementation of the financial strategy that led to the success of the project."
This deal reinforces Societe Generale’s strong position in the infrastructure market as Financial Advisor on a "path-finding" project comprising elements of project finance, airport finance and municipal finance.
As the first major airport public-private partnership transaction in the US, this landmark project sets a template for future airport redevelopment project in the US.