Strada dei Parchi
New Coverage: Strada dei Parchi Bank Lenders Hold Pitches to Select Financial Advisor for Upcoming Debt Talks After Motorway Concession Withdrawal
Mon 11/14/2022 03:59 AM
Bank lenders of Italian group Strada dei Parchi, which is controlled by Gruppo Toto, have held pitches to select a financial advisor for upcoming talks with the company, sources told Reorg. Lenders are currently assisted by legal advisor Legance, while the company, which manages and maintains public highways, toll roads, transportation tunnels and toll transaction stations, is working with BonelliErede, sources added.
In July, the Italian government revoked Strada dei Parchi’s concession agreement on the A24 and A25 motorways due to alleged “serious breaches” (gravi inadempimenti) in implementing safety measures. The group previously said it would be unable to meet the conditions set by the government to manage the infrastructure and invest the capital necessary to fulfill them, according to press reports.
Strada dei Parchi has managed the A24-A25 motorways since 2001. Its concession agreement was supposed to run until 2030 but, after the government revoked its deal, was taken over by state-owned motorway operator ANAS. Strada dei Parchi handed back the concession to the state in May 2022 but rejected the alleged “serious breaches” of its contractual obligations. It is now demanding €1.3 billion from the state due to the early termination of the concession. The government has yet to decide how it will respond, sources said.
According to sources, Strada dei Parchi has about €400 million of bank debt, which is held by both Italian and international lenders. The entire EBITDA of the company is generated by its previously managed infrastructure, sources added.
The A24 Roma-Teramo and A25 Torano-Pescara motorways pass through the Lazio and Abruzzo regions for 281.4 km and, according to the ANAS website, are considered key infrastructure for central Italy.
Gruppo Toto, meanwhile, reported €280 million of total production revenue in 2020, with an EBITDA of €69 million, from €378 million of revenue and €107 million of EBITDA in 2019.
Autostrade per L’Italia, or ASPI, which was controlled by the infrastructure group Atlantia until May 2021, is now owned by state-owned lender Cassa depositi e prestiti (51%), Blackstone Infrastructure Partners (24,5%) and Macquarie Asset Management (24,5%) after a long process that was precipitated by the collapse of the Morandi bridge in August 2018. ASPI operates about 3,000 kilometers of toll roads in Italy, about half of the country’s total.
--Luca Rossi
In July, the Italian government revoked Strada dei Parchi’s concession agreement on the A24 and A25 motorways due to alleged “serious breaches” (gravi inadempimenti) in implementing safety measures. The group previously said it would be unable to meet the conditions set by the government to manage the infrastructure and invest the capital necessary to fulfill them, according to press reports.
Strada dei Parchi has managed the A24-A25 motorways since 2001. Its concession agreement was supposed to run until 2030 but, after the government revoked its deal, was taken over by state-owned motorway operator ANAS. Strada dei Parchi handed back the concession to the state in May 2022 but rejected the alleged “serious breaches” of its contractual obligations. It is now demanding €1.3 billion from the state due to the early termination of the concession. The government has yet to decide how it will respond, sources said.
According to sources, Strada dei Parchi has about €400 million of bank debt, which is held by both Italian and international lenders. The entire EBITDA of the company is generated by its previously managed infrastructure, sources added.
The A24 Roma-Teramo and A25 Torano-Pescara motorways pass through the Lazio and Abruzzo regions for 281.4 km and, according to the ANAS website, are considered key infrastructure for central Italy.
Gruppo Toto, meanwhile, reported €280 million of total production revenue in 2020, with an EBITDA of €69 million, from €378 million of revenue and €107 million of EBITDA in 2019.
--Luca Rossi
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