Ashurst advised BAM PPP Ireland Limited and Iridium Concesione de Infraestructuras on the M11 Gorey to Enniscorthy PPP project in Ireland.

The total financing of the project was €248m, provided by a combination of lending from the European Investment Bank and Société Générale's arranged note and bank financing solutions. For this landmark transaction, Société Générale acted as sole note arranger for the €113m of senior secured notes which were privately placed with three institutional investors. Société Générale was also the sole EBL lender and swap provider for the €27m equity bridge facility. The investor group, which includes Aviva Investors, Babson and NN Investment Partners B.V., purchased partly paid notes to provide scheduled financing throughout the construction phase. The notes were documented using the Pan European Private Placement format and rank pari passu with the EIB facility.

The Ashurst team was led by partners Patrick Boyle (infrastructure) and Terry van Poortvliet (transport), assisted by counsel Nick Hilder, senior associate Nacim Bounouara and solicitors Luke Jennison, Helen Raynsford and Ari Garas.

Commenting on the deal, partner Patrick Boyle, said:

"We are delighted to have had the opportunity to advise the funders to the BAM and Iridium consortium on this significant project, which will support the development of urban and inter-urban sustainable transport in Ireland. Ashurst has a long standing record working for BAM and Iridium, and the M11 project is another example of our successful working relationship".