ARCUS Financial Advisors s.r.l P.IVA: 03380410104 Sede Legale Corso Magenta, 56 20123 Milano
28 January 2016 Successfully closed the financing in favor of Ital Gas Storage for the construction of the Underground Gas  Storage facility of Cornegliano Laudense It is the first totally private gas storage infrastructure ever financed in Italy in Project Finance. The financing, for a total amount of € 1.05bn and a tenor of 22 years (to be reduced to 18 years thanks to a cash  sweep mechanism) has been made available by a pool of italian and international banks like Banca IMI, Credit  Agricole, Natixis and ING, which acted as Structuring MLAs, and BTMU, BBVA, Santander, Helaba, Sociéte  Génerale and UBI with the role of MLAs. Arcus Financial Advisors assisted since the very beginning the Sponsors Morgan Stanley Infrasructue and Whysol  Investments, first in the selection of the 4 Structuring MLAs, then in the preparation of the documentation for  the following launch of the Market Test process (occurred in August 2015) which led to the selection of the other  6 LAs, and finally in the structuring phase and negotiation of the final financial structure. Arcus Financial Avisor has also prepared the financial model then adopted by the banks as Base Case of the  financing.
Thomson Reuters EMEA: Italy – Ital Gas Storage reaches FC  28 January 2016 The greenfield Ital Gas Storage project in Cornegliano Laudense has reached financial  close, a month after the signing the loan agreement. Sponsors Morgan Stanley  Infrastructure and Whysol signed a €1,056.4m loan on a 22-year tenor. The deal’s leverage  is about 80/20, for a total cost of roughly €1.3bn. Pricing is understood to start at about  250bp during the construction phase, going down to about 200bp for the first years of  operations and stepping up again towards 250bp later in the operational phase. The loan  was provided by a group of 10 banks led by global coordination and structuring bank Intesa  Sanpaolo, together with structuring banks Credit Agricole, ING and Natixis, and other  lenders BTMU, Societe Generale, UBI Banca, Helaba, Santander and BBVA. Deutsche  Bank and UniCredit were initially looking at the deal but did not take part in the signing as  previously reported. The Cornegliano project entails the conversion of a depleted gas field  previously exploited by Eni into an underground storage facility for about 2.2bn cubic metres  (bcm), including 1.3bcm of working gas and 0.9bcm of cushion gas. Saipem and Schlumberger will be in charge of the ground and underground construction  works respectively. Construction is expected to end in mid-2018. The project will be able to exchange 27mcm of  gas per day with the national gas grid, adding about 8% to the current storage capacity and  10% to daily flow rates. The scheme will be remunerated with regulated tariffs akin to  capacity payments. Morgan Stanley increased its stake in the project from 49% to 92.5%  and Whysol will hold 7.5%. Arcus Financial Advisors, Gianni Origoni Grippo Cappelli &  Partners and Latham & Watkins advised the sponsors. Bonelli Erede Pappalardo advised  the lenders. Fichtner is the technical adviser.
Details emerge on Ital gas storage deal Published 01 February 2016 Debt details have emerged on the €1.25 billion ($1.4 billion) Ital  natural gas storage facility located in Cornegliano Laudense in  Lombardy, Italy. The €1.05 billion debt transaction for Ital reached financial close on 28 January 2016, as IJGlobal reported last week.  Initially developed solely by Whysol Investments, Morgan  Stanley Infrastructure joined as a co-sponsor in July 2015.  Ownership is split between Morgan Stanley Infrastructure (92%)  and Whysol Investments (8%). Together the two contributed  roughly €200 million in equity to the project. An information memorandum on the debt financing was issued  to banks in August 2015. Banca IMI was global coordination and  structuring bank. Crédit Agricole, ING and Natixis were  mandated lead arrangers, lending between €130-200 million  each. MUFG, Société Générale, UBI, Helaba, Banco Santander  and BBVA also lent debt, with tickets varying between €75-100  million each. The banks also provided a VAT and standby  facility. The debt has a 22-year tenor, with a cash sweep mechanism in  year 10. Pricing slides between 200-250bp over Euribor. It is  higher during the construction phase, falls once the project is  operational and rises again after five years. a source told  IJGlobal.  The financing is understood to be one of the largest limited  recourse project financings ever closed in the Italian energy  sector. On 15 March 2011, project company Ital Gas Storage obtained  a 40-year concession from Italy’s ministry of economic  development for the development and commissioning of a gas  storage facility that will be built in a depleted gas reservoir  located in Cornegliano Laudense. Ital Gas Storage will provide the Italian gas system with  approximately 1.3 billion cubic metres of new gas storage  capacity with the ability to exchange 27 million cubic metres of  gas per day with the national gas grid, equivalent to an increase of around 8% of current storage capacity and 10% of daily flow  rates. Saipem and Schlumberger are carrying out the  construction of the project, which began at the end of last year  and is scheduled to be completed in mid-2018. Arcus Financial Advisors acted as financial adviser.