Ferrovial expands syndicated liquidity line to 1.250 billion euro

Ferrovial has announced the signature, with 22 banks, of an expansion of its 750 million euro liquidity line to 1.250 billion euro, maturing in five years. This agreement is part of Ferrovial's ongoing strategy to extend maturities and reduce financing costs. It extends the maturity of the liquidity line by an extra year, to 2020, with two optional extensions for an additional year, subject to lender approval. It also improves funding costs, since it has been arranged at an initial spread of 50 basis points, down from 80bp. The liquidity line will not be drawn initially, providing the company with a high degree of financial flexibility and availability. In 2014, Ferrovial issued a 300 million euro 10-year bond paying an annual coupon of 2.5%. In 2013, Ferrovial successfully completed two 500 million euro 3.375% bond issues, in January (5 years) and May (8 years). The funds enabled the company to optimise its debt maturity calendar, reduce the cost and practically eliminate bank debt. The company does not have any major payments due until 2018 and 2021. In July 2014, Fitch Ratings upgraded Ferrovial's Long-term Issuer Default rating from BBB- to BBB, outlook stable. S&P had upgraded the company's rating a few months earlier. About Ferrovial Ferrovial is one of the world's leading infrastructure operators and municipal services companies, committed to developing sustainable solutions. The company has 69,000 employees and a presence in over 26 countries. Its main business areas are: Services, Toll Roads, Construction and Airports. It is a member of Spain's blue-chip IBEX 35 index and is also included in prestigious sustainability indices such as the Dow Jones Sustainability Index and FTSE4Good.