Pessina refinances Milan hospital concession

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Pessina refinances Milan hospital concession

Pessina Costruzioni has closed a €30 million (US$33 million) refinancing for the New Garbagnate Milanese Hospital PPP project in Milan, Italy

Specifically, the firm has placed a US$30 million bond with a maturing period of 15 years to refinance a €15 million loan. The bond, whose arranger and bookrunner was the French investment bank Natixis, was sold to foreign institutional investors. The bonds have a Baa1 rating from Moody's.

The project was awarded on 30 September 2010 and achieved commercial closure on 5 November 2010. The shareholders of Garbagnate are Pessina Costruzioni S.p.A. (majority shareholder), Carbotermo S.p.A. and CO.GE Costruzioni Generali S.p.A. The concession period runs until 2041.

The new hospital, which provides 540 beds, was developed between 2011 and 2014 for a total investment of €137 million (US$151 million). Project financing was closed In July 2013. It was provided by Banca IMI, Intesa Sanpaolo, MPS Capital Services Banca per le Imprese and Banco Popolare.

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