Financing

Société des Ports du Détroit set a project finance sheme : on the one side, the major part brought by a senior financing through a bond issuance over 40 years, “Investment Grade” rated by Fitch Ratings agency as well as equity and quasi-equity, and on the other side the remainder provided trought grants by project public partners.

Calais Port 2015 funding :

On 13th July 2015, Société des Ports du Détroit reached financial close for Calais Port 2015.

Calais Port 2015 project amounts to € 863 million investment :

• Equity for € 89 millions provided in share capital and shareholders subordinated debt.
• A bond issuance of € 504 millions for 40 years subscribed by entities managed by Allianz Global Investors.
• Public subsidies up to 270 million euros (granted by the Hauts-de-France Nord Pas de Calais - Picardie Région as the grantor authority, but also the European Union as part of the “Connecting Europe Facility” and “Motorways of the Sea” programs, the French State, the Department of the Pas-de-Calais, Cap Calaisis and Calais City).

The project also takes advantage of the ‘Project Bond Credit Enhancement” program of the European Investment Bank. With a guarantee agreement and in exchange for remuneration, the EIB provides a credit enhancement covering 10% funding provided by the funds managed by Allianz GI. This credit enhancement is a letter of credit issued by the EIB for the benefit of bondholders who will exercise it in case of failure by Société des Ports du Détroit to manage the senior debt repayment.

It should be noted that the European subsidies were obtained after having been jointly submitted by both authorities managing Calais and Dover ports and highlighted the perfect complementarity of both development programs.

A perfect complementary of both Dover and Calais port development programs.