Refi imminent for Paris-Sorbonne’s UAE Campus PPP

Financial close on the refinancing of the Paris-Sorbonne University Abu Dhabi campus PPP is expected imminently.

The campus was developed by Abu Dhabi’s state-owned Mubadala Development Company, which reached financial close on its $327 million development financing in 2008. The total project costs were $383.45 million.

The equity sponsors for the Abu Dhabi campus are:

Lenders on the Greenfield financing were:

The financing had a tenor of 20-years and priced at 148bp over Libor. Mubadala developed Paris-Sorbonne under a 25-year build, own, operate and transfer contract, with contractual payments made by the Abu Dhabi Education Council. The campus has some 93,000m² of education and recreational facilities. The university provides courses in arts, languages and political sciences.

Advisers to the sponsors on the refinancing are:

The lenders are being advised by:

Paris-Sorbonne University is a public research university established in 1970 and located in Paris, France. The university was the first French higher education institution to open a campus in the Gulf region.