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07 Oct 2026

A&O Shearman advises lenders and hedging banks on refinancing of A28 motorway concession

"A&O Shearman advised the lenders and hedging banks on the long-term refinancing of the A28 motorway concession operated by Autoroutes de Liaison Seine-Sarthe (ALiS), owned by a consortium including Vauban Infrastructure Partners, Aberdeen, CVC and PGGM. The deal is a complex multitranche refinancing combining bank and institutional debt, with Assured Guaranty guarantees."

A&O Shearman advised the lenders and hedging banks in connection with the refinancing of the A28 motorway concession operated by Autoroutes de Liaison Seine-Sarthe (ALiS). The transaction implements the long-term refinancing of ALiS’s existing debt. The A28, which connects Abbeville (Somme) to Tours (Indre-et-Loire), is a strategic segment of the transport corridor linking Northern Europe to the Iberian Peninsula. The concessionaire, ALiS, is owned by a consortium of investors comprising Vauban Infrastructure Partners, Aberdeen, CVC and PGGM. The refinancing is structured as a complex multitranche financing combining bank debt and long-term institutional debt. A portion of the financing benefits from guarantees provided by Assured Guaranty, which enhances the overall credit profile of the transaction. A&O Shearman represented the lenders and hedging banks with a team composed by: partner Driss Bererhi (Partner, Paris) who led the team, counsel Zineb Bennis (Counsel, Paris), senior associates Wendy Au (Senior Associate, Paris) and Anas Benmalek (Senior Associate, Paris), and associate Jinho Lesage (Juriste, Paris). On Assured Guaranty-related matters: partner Tim Conduit (Partner, London), senior associate R. Mohammad Mahmood (Senior Associate, London), and associates See Hyun Park (Associate, London) and Louisa Thornton (Associate, London). On public law aspects: partner Romaric Lazerges (Partner, Paris) and senior associate Vianney Leroux (Senior Associate, Paris). On hedging matters: counsel Robert Simmons (Counsel, London) and associates Charlotte Boyd (Associate, London) and Sarah Bekkouche (Associate, Paris). On capital markets aspects: partner Julien Sébastien (Partner, Paris), counsel Lorraine Miramond (Counsel, Paris) and senior associate Marc Ghorayeb (Senior Associate, Paris). On financial regulatory matters: partner Brice Henry (Partner, Paris) and senior associate Morgane Aude Roussel (Senior Associate, Paris). On tax aspects: partner Mathieu Vignon (Partner, Paris) and senior associate Virginie Chatté (Senior Associate, Paris).
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