July 1, 2009

Deutsche Bank advises on EUR 2.4 billion senior debt closed for the Berlin-Brandenburg International Airport

Deutsche Bank has played a key role in one of Europe’s largest infrastructure projects, Berlin-Brandenburg International Airport (BBI). The bank exclusively advised Flughafen-Berlin Schoenefeld GmbH (FBS) throughout the structuring of the EUR 2.4 billion senior debt financing and procurement of funding via a tendering process. The closing is a major milestone in the BBI project, particularly as it occurred against the backdrop of the credit crisis and scarcity of funding for such large infrastructure transactions.

Dr. Thomas Rueschen, Global Head of Asset Finance & Leasing, says: “This landmark deal again underpins Deutsche Bank’s outstanding expertise in complex infrastructure transactions and lead role in this key strategic sector.”

Bernd Fislage, Head of Project & Capital Advisory, adds: “Once again we have proven our flexibility to react on client request for alternative financing structures whilst at the same time cope with dramatically changing market environment. The raising of multi-billion amounts in today’s fragmented credit markets still affected by liquidity constraints is a great success and paradigm for current infrastructure transactions.”

The long term senior financing for one of Europe’s largest infrastructure projects has reached financial close with a bank club consisting of seven commercial banks (KfW, Investitionsbank Land Brandenburg, Investitionsbank Berlin, Landesbank Berlin, NordLB, DZ Bank and Berliner Volksbank) and the European Investment Bank. The implemented debt structure provides for a EUR 1 billion 25-year loan facility by the European Investment Bank (EIB) and a EUR 1.4 billion 10-year bank loan / letter of credit facility by the consortium. Both facilities are covered by a guarantee from the three shareholders of the airport. Refinancing may take place any time between construction completion and final maturity of commercial loans. The green light from the European Commission for the guarantee was achieved in May 2009. The BBI shareholders are providing EUR 430 million of equity to the project.

BBI will have an initial capacity of 27 million passengers annually and will replace the existing airport system comprising Tegel and Schoenefeld. Completion of the new airport is scheduled for end of 2011. Currently the Berlin airports rank as the third largest in Germany and have shown robust growth over the past few years.


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