May 12, 2026
Willkie advised Meridiam and SOF Connect EAD, the concessionaire and operator of the Vasil Levski Sofia Airport in Bulgaria, on the refinancing of SOF Connect’s existing debt and financing for the construction of a new Terminal 3 at Sofia Airport in a total amount of €450 million.
This refinancing transaction combines the unique feature of a regulated market-listed bond financing, on the Dublin Stock Exchange, with private bank debt financing. The proceeds of the bond issuance will be used to repay SOF Connect's existing debt, while the company will use funds from both the bonds and the loans to finance its capital expenditure, including the construction of the new Terminal 3. The bond financing includes a delayed draw mechanic designed to address the phased capex requirements of the construction timetable.
Meridiam is an independent investment Benefit Corporation and a leading international asset manager specializing in the development, financing, and long-term management of sustainable public infrastructure.
The Willkie team was led by partner Amir Jahanguiri and included associate Miguel Gabriel Domingo and law clerk Camille Bamba in Paris. Partners Jennifer Tait and David Griffiths in London advised on bond financing aspects of the transaction, with assistance from associates Snaebjorn Olafsson and Diana Balassiano and law clerk Panos Maniatis, and partner Dr. Jasmin Dettmar in Frankfurt and associate Jannis Strotmann advised on German law matters.
This refinancing transaction combines the unique feature of a regulated market-listed bond financing, on the Dublin Stock Exchange, with private bank debt financing. The proceeds of the bond issuance will be used to repay SOF Connect's existing debt, while the company will use funds from both the bonds and the loans to finance its capital expenditure, including the construction of the new Terminal 3. The bond financing includes a delayed draw mechanic designed to address the phased capex requirements of the construction timetable.
Meridiam is an independent investment Benefit Corporation and a leading international asset manager specializing in the development, financing, and long-term management of sustainable public infrastructure.
The Willkie team was led by partner Amir Jahanguiri and included associate Miguel Gabriel Domingo and law clerk Camille Bamba in Paris. Partners Jennifer Tait and David Griffiths in London advised on bond financing aspects of the transaction, with assistance from associates Snaebjorn Olafsson and Diana Balassiano and law clerk Panos Maniatis, and partner Dr. Jasmin Dettmar in Frankfurt and associate Jannis Strotmann advised on German law matters.
