Brattle Supports Tangenziale Esterna in €1 Billion Refinancing of Italian Motorway Project

In a complex refinancing matter involving a motorway project in Italy, Brattle supported Tangenziale Esterna S.p.A throughout the regulatory due diligence process. Lenders recently signed the refinancing plan of over €1 billion.

The matter centered around the refinancing of Autostrada A58, a 32-kilometer-long toll motorway and ancillary works on the eastern edge of Milan. Construction on the project began in 2012, and the entire route opened in May 2015. Like much of Italy’s road infrastructure, Austostrada A58 operates under a concession agreement to operate and manage the infrastructure, including the collection of tolls. Tangenziale Esterna is fully owned by ASTM Group, one of the largest toll operators in the world.

Brattle was retained by Tangenziale Esterna to provide support throughout the regulatory due diligence process aimed at securing the project’s refinancing. Led by Principal and Infrastructure Practice Leader Lucia Bazzucchi, the team reviewed the economic and financial plan and the tariff model implemented by the company, assessed the existing regulatory framework, and explored expected future macroeconomic developments that would impact the regulated return rate of Autostrada A58.

The Brattle team, which included Senior Associate Nicola Villani and Research Associate Massimo Bocchia, also supported the client in their interactions with a pool of international financing banks, including by providing regulatory and financial sensitivity analyses and responding to the lenders’ questions. The team prepared a due diligence report with their analyses and findings.

In April 2025, lenders signed a €1.040 billion refinancing loan for a duration of seven years. It is a sizeable milestone transaction in the Italian infrastructure market Brattle is proud to have supported.