A consortium led by Germany’s Siemens has pulled in a €166mn project financing from just four banks and Siemens’ own project and export financing arm, according to reports from KfW Ipex-Bank.
The money is set to be used to build a metro line in the Dominican Republic capital, Santo Domingo.
In an email sent to GTR, a KfW spokesperson says that the only banks involved in the deal are Deutsche Bank, Citi, BNP Paribas and KfW Ipex.
They join Siemens Financial Services in providing the money for the transaction.
The multi- tranche deal is backed by guarantees from three of Europe’s export credit agencies; Spain’s Cesce, Germany’s Euler Hermes and France’s Coface.
Belgium’s ONDD also provided cover for rolling stock.
Florence Favier, BNP Paribas’ head of export finance, Americas, tells GTR that the tranches were split with the French bank heading up the Coface and ONDD portion, while Deutsche headed up the Cesce tranche and KfW took the lead for the Hermes tranche.
Citi acted as a mandated lead arranger for the deal.
“With this financing, KfW Ipex-Bank supports Siemens AG in this important and prestigious export transaction,” says Christian Murach, a member of the German bank’s board.
The consortium led by Siemens will construct the metro, including signalling equipment, electrification and project management, as well as providing maintenance services for the first three years of the metro’s life.