Vauban Infrastructure Partners (“Vauban”) is delighted to announce the closing of a senior debt financing package for Boreal Holding AS’ (“Boreal”, the “Company”) for a total amount of c. NOK3.2bn, completed through a club deal with Norwegian and international banks, and institutional investors. The refinancing was achieved through a combination of several facilities to refinance the senior debt of the Company, to sustain its development, and to support its usual business activities.

Boreal’s ability to raise bank debt in today’s debt market is a major factor of confidence in Vauban’s business model for Boreal and more generally its investment strategy in the Nordics, which is one of Vauban’s core investment regions. Boreal is one of the largest operators in the Norwegian public transportation market. It operates medium to long-term contracts granted by public transport authorities in four key segments: car ferries, fast ferries, light-rail, and nationwide buses.

Since 2018, Boreal’s contract portfolio has achieved substantial growth on top of its expansion into Sweden. Boreal is also a global pioneer in sustainable transportation; for example, the Company commenced operations of several electric ferries fully powered by battery in 2021, in addition to electric buses that operate across Norway.

In early 2022, Vauban acquired Boreal; this acquisition reinforced Vauban’s commitment to the sustainable development of local communities providing green & essential mobility services. Vauban launched this refinancing transaction in order to support the development of the Company & its portfolio of public transportation concessions with availability-based revenues, which demonstrates Vauban’s strong commitment to asset development & delivering long-term, sustainable value to all stakeholders.

Christoph Bruguier, Senior Investment Director & Partner at Vauban Infrastructure Partners comments: “Through this landmark transaction for the Boreal Group, Vauban Infrastructure Partners has strengthened its footprint in essential public transportation and will further increase its contribution to the development of high-quality and decarbonized mobility infrastructures and services for local communities in Norway and Sweden.”

Maria Munina, Investment Director & Partner at Vauban Infrastructure Partners adds: “Vauban successfully completed an optimized refinancing in today’s macro environment, which will provide the company with the capacity & flexibility necessary for its further development. This represents an important milestone in Vauban’s investment strategy in the Nordics, one of our core regions.”

For Further Reading:
Vauban Infrastructure Partners
Affiliate of Natixis Investment Managers
Société en Commandite par Actions – Limited Partnership by shares
Share capital : €10 076 680.20
Regulated by the Autorité des Marchés Financiers (AMF) under n° GP – 19000044
RCS Paris 833 488 778
Le Centorial
16-18 rue du Quatre-Septembre,
75002 Paris

Natixis Investment Managers
RCS Paris 453 952 681
Share Capital: €178 251 690
43 avenue Pierre Mendès France
75013 Paris

This communication is for information only and is intended for investment service providers or other Professional Clients. The analyses and opinions referenced herein represent the subjective views of the author as referenced unless stated otherwise and are subject to change. There can be no assurance that developments will transpire as may be forecasted in this material.

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