Slovak Granvia’s €1.24bn breaks new ground
Granvia, a project company that has built and now operates two stretches of highway in Slovakia, launched a €1.24bn bond on Friday November 22 to refinance the bank debt used for its construction.
The deal was fairly straightforward as project financings go — the road is fully built, is a standard construction with no tunnels or major bridges, and the project’s revenue does not rely on traffic flows. The bond was rated BBB+ by Standard & Poor’s.
But from a credit
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