Executive Director – Credit Agricole Corporate & Investment Bank
Global Loan Syndication Group – Project Finance
Toby Walker is an Executive Director in the Loan Syndications department of
CACIB, based in London, which he joined in December 2005. He was previously
with WestLB also working on the syndication (bid support, structuring and
Bookrunning) of project finance debt and has 7 years PF Syndications experience.
Within the CACIB Global Loan Syndications Group, Toby is responsible for
syndicating project finance transactions throughout the EMEA region, with specific
responsibility for all Infrastructure transactions.
In 2006 he undertook the Bookrunning of the syndication of 3 infrastructure
transactions, the £1,030 M6 Toll (UK) refinancing, €940m debt for the A41 Toll
Motorway Project (France) and the €240m A2 road financing in Poland.
In 2007 he completed the Bookrunning and syndication of the €1,520 Budapest
Airport acquisition financing, £325m Welcome Break refinancing and two road
financings, the €600m Maliakos-Kleidi toll road project financing in Greece and the
€320m Clonee-Kells road financing in Ireland, all of which were oversubscribed in
In 2008 he completed the Bookrunning and syndication of the $380m Queen Alia
Airport financing in Jordan, €200m Hadera PFI transaction in Israel, the €1.7bn
Apion Kleos toll road financing in Greece, £2.2bn Airtanker UK PFI, £2.2bn Angel
trains UK rail infrastructure acquisition, the EUR 757m Angel Trains Europe Asset
Based financing and also worked on the £7.1bn BAA UK airport refinancing.
In 2009 he completed the Bookrunning and syndication of the following transactions;
£1.5bn Porterbrook Rail UK rail infrastructure acquisition, the £466m Riverside
(Belvedere) UK waste to energy PFI project, the £1,125m Gatwick Airport
acquisition and the £956m Connect Plus M25 DBFO in the UK. On the advisory side
working on the A2 in Poland, the Zayed University Bookbuilding in Abu Dhabi and
the Mersey Gateway road bridge advisory in the UK.
In 2010 he completed the Bookrunning and syndication of the €600m GSMR rail
infrastructure PPP in France on which CACIB was sole Bookrunner, underwritten in
autumn 2008, also the Eversholt Rail and Porterbrook refinancings, plus the
underwriting and syndication of the senior debt for Macquarie’s EUR 415m
Thyssengas acquisition and he also worked on the financing for the SEK17bn New
Karolinska hospital in Sweden and GBP 376m hospital in Southmead, UK. Also
several other bids and advisory mandates, including the Mafraq road project in Abu
In 2011 he completed the Bookrunning and syndication of Fluxys’ CHF 1,043m
acquisition facility for the Topolino gas transmission infrastructure asset in
Switzerland, Arcus’ GBP 477m acquisition facilities for Forth Ports in the UK,
SITA’s GBP 236m South Tyne Waste greenfield project financing (the first waste to
energy project syndicated since Riverside), the DKK 5,300m Copenhagen Airport
Refinancing for Macquarie, he also worked on the EUR 2,113m Fenice acquisition
financing in Italy. He is currently working on the €3bn financing for the SEA (Tours-
Bordeaux) TGV line extension
He has previously worked on the syndication of numerous infrastructure project
finance transactions including the Catchment Moray UK PFI, the Secondary Market
Infrastructure Fund, A-Train and £426m Wembley National Stadium Ltd. Toby holds
an MEng (Hons) from Oxford University (Wadham college) and an MBA from the
University of Cambridge (Trinity college).