- Ferrovial has closed a new financing arrangement for the concession, in the amount of 558 million Euros.
- Financing costs are reduced and expiry is extended to 2045.
- Bond issues have been subscribed primarily by European and American institutional investors.
Through its subsidiary
Cintra, Ferrovial has closed refinancing for the two stretches of the
Autopista del Sol toll road concession (Ausol I and Ausol II) in Andalucía. The total cost of this new financial arrangement is 558 million Euros, with a reduction in the cost of financing and extension of the expiry date to 2045.
Within this new financial arrangement, which is non-recourse for shareholders, senior bonds have been issued in the amount of 467 million Euros, at a fixed rate coupon of 3.75%, maturing in 2045. The bonds are listed on the Irish Stock Exchange, and have been subscribed primarily by European institutional investors.
A second instalment of the arrangement is comprised by senior notes in the amount of 40 million Euros, at a coupon rate of 3.75%. These notes are listed in the
Vienna Third Market and have been subscribed by American institutional investors. Both the senior bonds and the senior notes have a Standard & Poor’s credit rating of BBB with a stable outlook.
A loan has also been agreed with a group of Spanish commercial banks, in the amount of 51 million Euros.
The resources obtained through this new financing arrangement have been assigned to the repayment of previously existing financing arrangements and the cancellation of all hedging contracts, thus eliminating future refinancing risks. In this way, Cintra continues its strategy of reducing financing risks and streamlining the efficiency of the financial arrangements in place on its assets.
Last year, Cintra successfully completed refinancing of the
Autovía de la Plata motorway between Benavente and Zamora through the issue of a project bond in the amount of 184.5 million Euros. These bonds are listed in the Alternative Fixed Income Market (MARF).
Autopista del Sol, Concesionaria Española, S.A. (Ausol) is the concession company for the toll motorway between Málaga, Estepona and Guadiaro, in Andalucía (Spain). Over 105 km long, it was opened to the traffic in June 1999. The operating period is 50 years for the first stretch (Málaga to Estepona) and 55 years for the second (Estepona to Guadiaro). Cintra has an 80% equity stake in the company.
Cintra is one of the leading private developers of transport infrastructures in the world, in terms of number of projects and investment volume. It currently manages a portfolio of 28 motorway concessions totalling some 1,242.7 miles (2,000 km) in Canada, United States, Europe, Australia and Colombia. Cintra is the largest shareholder of the
407 ETR motorway concession company in Ontario, Canada, with an equity stake of 43.23%.
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