SIAC Construction Limited, one of Ireland’s leading infrastructure providers and building services groups, has announced the completion of an €82m syndicated banking facility with three leading Irish banks.
The facility provides SIAC with the ability to benefit from the implementation of Transport 21 and to increase its participation in PPP and other major infrastructure projects.
Eurolink, the company jointly owned by SIAC and Spanish partner Cintra, is set to deliver the first completed PPP toll-road project, the €400m N4/N6 Kilcock-to-Kinnegad motorway, on time and on budget on December 12.
Eurolink has recently been confirmed as the preferred bidder for the €600m M3 Clonee-to-Kells PPP motorway project.
The new syndicated arrangement provides SIAC with substantial credit lines to support ongoing investment opportunities in addition to refinancing certain existing facilities.
The transaction was well received by the banking sector and was substantially oversubscribed.
Terence Ryan, SIAC group finance director, said: “The completion of this corporate banking facility represents a significant milestone and underpins the ongoing development of the SIAC Group.
"It also represents a major vote of confidence in the group by our banking partners and we look forward to continuing to work closely with them across all our businesses."
The syndicate of banks comprises Bank of Ireland Corporate Banking, Bank of Scotland (Ireland) and IIB Bank.