{"id":58807,"date":"2016-12-01T08:06:08","date_gmt":"2016-12-01T07:06:08","guid":{"rendered":"http:\/\/beta.next-finance.net\/news\/meridiam-reaches-financial-close-in-turkey-for-elazig-integrated-health-campus-ppp-project-with-the-first-investment-grade-and-social-project-bond-enhanced-by-ebrd-and-miga\/"},"modified":"2016-12-01T08:06:08","modified_gmt":"2016-12-01T07:06:08","slug":"meridiam-reaches-financial-close-in-turkey-for-elazig-integrated-health-campus-ppp-project-with-the-first-investment-grade-and-social-project-bond-enhanced-by-ebrd-and-miga","status":"publish","type":"post","link":"http:\/\/beta.next-finance.net\/en\/news\/meridiam-reaches-financial-close-in-turkey-for-elazig-integrated-health-campus-ppp-project-with-the-first-investment-grade-and-social-project-bond-enhanced-by-ebrd-and-miga\/","title":{"rendered":"Meridiam reaches financial close in Turkey for Elazig integrated health campus PPP project with the first investment grade and social project bond enhanced by EBRD and MIGA"},"content":{"rendered":"

This project is a landmark social infrastructure PPP : the first \u2018green and social bond\u2019 for an infrastructure
\nproject in Turkey; the first long-term project bond in the Turkish PPP market with a 20-year maturity; and the
\nfirst project to feature the credit enhancement provided by the European Bank of Reconstruction and
\nDevelopment (EBRD) and the World Bank\u2019s Multilateral Investment Guarantee Agency (MIGA) following the
\nCOP21 global commitment to support Emerging countries Sustainable Development Goals (SDG).<\/p>\n

Meridiam\u2019s third hospital PPP to close in Turkey, the Elazig Project will entail the design, construction,
\nfinance, operation and maintenance of a 1038-bed integrated healthcare campus.<\/quote><\/p>\n

Together with Ronesans, Meridiam, the EBRD and MIGA structured a first time credit enhancement scheme,
\nwhich enabled Moody\u2019s to assign a Baa2 rating, two notches above the current rating of Turkey. The
\ncomplementarity of the EBRD and MIGA products enabled a credit enhancement scheme instrumental in
\nsupporting debt capital markets products as an alternative source of funding for infrastructure. The \u20ac288
\nmillion bond has been issued by way of a private placement amongst leading financial institutions, notably
\nincluding IFC who underwrote a portion without enhancement and Proparco (Groupe AFD) demonstrating
\nthe strong commitment of France in supporting SDGs.<\/p>\n

The project bond has been certified as \u201cGreen and Social\u201d by Vigeo EIRIS.
\nFollowing the Meridiam Impact
\ninvestment standards, the Project will fully meet Meridiam ESG requirements as well as IFC\u2019s Performance
\nStandards (2012), MIGA’s Performance Standards (2013), the EBRD\u2019s Performance Requirements (2014)
\nand the World Bank Group Environmental, Health and Safety (EHS) Guidelines.<\/quote><\/p>\n

The Project consists of a 1038-bed integrated health campus comprising a general hospital, women\u2019s and
\nchildren\u2019s hospital, psychiatric hospital, mouth and dental health Centre, and additional support buildings and
\nfacilities. The campus will help serve a growing population in eastern Turkey by offering greater access to
\nhigh quality healthcare services and technology, as well as additional capacity for expansion in the future.
\nServing not only as a landmark in the transformation of Turkey\u2019s healthcare sector, as Turkey\u2019s first project
\nbond, Elazig is also expected to catalyze Turkey\u2019s nascent capital markets sector for infrastructure funding.<\/p>\n

\u201cThe Elazig green and social project bond clearly demonstrates the leadership of EBRD and MIGA as
\nmultilateral institutions designing solutions to support investment and SDGs of emerging and transition
\neconomies; and we will continue to pioneer new solutions together with them,\u201d<\/em> said Thierry Deau,
\nFounder\/Chairman, Meridiam.<\/p>\n

MUFG supported the bond financing as bookrunner, and HSBC acted as sole arranger and global
\ncoordinator for the bond issue. Total project costs amounted to approximately \u20ac360 million, financed through
\nthe bond issue and equity investment by the shareholders of ELZ Saglik Yatirim A.S., the project company
\nformed to implement the Project.<\/p>\n","protected":false},"excerpt":{"rendered":"

Meridiam, a leading global investor and asset manager specializing in public and community
\ninfrastructure, announced today that it has reached financial close for the Elazig Integrated Health
\nCampus PPP Project.<\/p>\n","protected":false},"author":20,"featured_media":58805,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1470],"tags":[1655,1682,1651,2094,2007,2139,1685],"_links":{"self":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/58807"}],"collection":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/comments?post=58807"}],"version-history":[{"count":0,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/58807\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media\/58805"}],"wp:attachment":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media?parent=58807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/categories?post=58807"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/tags?post=58807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}