Rome-based construction company Ghella has secured a €42mn term credit facility from Italian bank Cassa Depositi e Prestiti (CDP) and BNP Paribas for the development of its international business.

The six-year credit facility consists of a €30mn tranche from CDP, backed by Sace, and a €12mn tranche from BNP Paribas, which also acted as agent and structuring bank.

The CDP-Sace tranche marks the first international transaction within the Export Banca system, and the first credit facility granted to an Italian company for its development in foreign markets.

The credit facility will be used to finance Ghella’s existing and future international contracts. It will also allow Ghella to participate in bids for international projects, outside of where it has historically operated in Latin America, to new markets in the Middle East, Eastern Europe and Australia.

In particular, the funds will help Ghella to support its machinery and infrastructure projects relating to an aqueduct and motorway project in the Dominican Republic, the extension of the Athens metro to Piraeus and two major infrastructure projects in Argentina.

The Milan office of law firm DLA Piper advised on the legal aspects of the transaction.