North Marmara Motorway Remaining Sections

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The project envisages the development of North Marmara Motorway Remaining Sections with a total length of 282 km. Marmara Otoyol Insaati Adi Ortakligi Tic. Isl., project company, will implement the project on behalf of the consortium sponsoring the project - IC Ictas - Astaldi. The concession agreement was awarded following a competitive bidding process based on the shortest concessional period required. The IC Ictas - Astaldi consortium offered 7 years and 9 months. Astaldi holds 33% and IC Ictas the remaining 67% in the consortium. As a BOT project, the sponsors will transfer the ownership of the assets to the government at the end of the concession. The investors are deemed to recoup their investments via availability payments by the government. Financial closure occurred on February 23rd, 2017. Six lenders, namely Garanti bankasi (nearly 5%), Turkiye Is bankasi (4%),Finansbank (4%), Ziraat bankasi (slightly over 5% of total debt), Halkbank (slightly over 5% of total debt) and Vakif Bank (2%) provided the debt financing amounting to $655.8 million, with the sponsors contributing the remaining $336 million. Thus, total investment is $991.88 million. https://ijglobal.com/data/transaction/38413/north-marmara-motorway-remaining-sections-282km-ppp based on Garanti H1 2017 submission