Client news

A&O Shearman advises lenders and hedging banks in connection with refinancing of A28 motorway concession

A&O Shearman advises lenders and hedging banks in connection with refinancing of A28 motorway concession
Published Date
Oct 7, 2026
Related people
Image of Driss Bererhi
Driss BererhiPartner, Paris
Image of Zineb Bennis
Zineb BennisCounsel, Paris
Image of Wendy Au
Wendy AuSenior Associate, Paris
Image of Anas Benmalek
Anas BenmalekSenior Associate, Paris
Jinho LesageJuriste, Paris
Image of Tim Conduit
Tim ConduitPartner, London
Image of R. Mohammad Mahmood
R. Mohammad MahmoodSenior Associate, London
Image of See Hyun Park
See Hyun ParkAssociate, London
Image of Louisa Thornton
Louisa ThorntonAssociate, London
Image of Romaric Lazerges
Romaric LazergesPartner, Paris
Image of Vianney Leroux
Vianney LerouxSenior Associate, Paris
Image of Robert Simmons
Robert SimmonsCounsel, London
Image of Charlotte Boyd
Charlotte BoydAssociate, London
Sarah BekkoucheAssociate, Paris
Image of Julien Sebastien
Julien SebastienPartner, Paris
Image of Lorraine Miramond
Lorraine MiramondCounsel, Paris
Image of Marc Ghorayeb
Marc GhorayebSenior Associate, Paris
Image of Brice Henry
Brice HenryPartner, Paris
Image of Morgane Aude Roussel
Morgane Aude RousselAssociate, Paris
Image of Mathieu Vignon
Mathieu VignonPartner, Paris
Image of Virginie Chatté
Virginie ChattéSenior Associate, Paris
A&O Shearman advised the lenders and the hedging banks in connection with the refinancing of the A28 motorway concession, operated by Autoroutes de Liaison Seine-Sarthe (ALiS). Connecting Abbeville (Somme) to Tours (Indre-et-Loire), this infrastructure is a key segment of the transportation corridor linking Northern Europe to the Iberian Peninsula.

The transaction is part of the long-term refinancing of the existing debt of ALiS, the concessionaire of the A28 motorway, 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. 

“This transaction confirms the appetite of all categories of financiers for French infrastructure projects which are adapted to complex and structured financing solutions.”

The A&O Shearman team was led by partner Driss Bererhi, counsel Zineb Bennis, senior associates Wendy Au and Anas Benmalek, and associate Jinho Lesage, with partner Tim Conduit, senior associate Mohammad Mahmood, associates See Hyun Park and Louisa Thornton on Assured Guaranty-related matters, partner Romaric Lazerges and senior associate Vianney Leroux on public law aspects, counsel Robert Simmons and associates Charlotte Boyd and Sarah Bekkouche on hedging matters. 

The team also included partner Julien Sébastien, counsel Lorraine Miramond and senior associate Marc Ghorayeb on capital markets aspects, partner Brice Henry and senior associate Morgane Aude Roussel on financial regulatory matters and partner Mathieu Vignon and senior associate Virginie Chatté on tax aspects. 

Related capabilities