May 2026 – Kinstellar, together with Herbert Smith Freehills Kramer, has successfully advised the lenders, including a consortium of banks, funds and financial institutions, on the refinancing and new financing in a total amount of EUR 450 million to SOF Connect, the concessionaire of Sofia Airport, in relation to the expansion of the airport, including the construction of Terminal 3.
This landmark transaction features a highly sophisticated financing structure that combines bank loans with issuance of regulated corporate bonds listed on the Dublin Stock Exchange. It is the first project finance bond issuance in Bulgaria within a highly-regulated concession framework, adding significant complexity to both the structuring, documentation and execution phases of the transaction.
Our team supported the lenders throughout the entire process and played a key role in navigating the legal and transactional complexities to support the timely closing under a the particularly challenging timeline of this strategically important project.
The transaction was led by Svilen Issaev (Partner), with key support from Diana Dimova (Managing Partner), Mladen Minev (Partner), Boryana Boteva (Senior Counsel), Atanas Mihaylov (Counsel), Denitsa Kuzeva (Senior Associate) and Simona Damyanova (Associate).