Ferrovial successfully places a 8-year 500 million euro bond paying 3.375%

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Ferrovial Autopistas Cintra Chicago Skyway
Today Ferrovial completed a 500 million euro bond issue maturing in 2021. The bonds will pay an annual coupon of 3.375%. This is the company's second bond issue, following the inaugural issue in January 2013. Demand was around 3,000 million euro. The funds raised will be used for the early repayment of parent company debt.
Madrid, 28th of May 2013.- Today Ferrovial successfully completed an 8-year 500 million euro senior bond issue, placed at 200 basis points over mid-swap, with a coupon of 3.375%. Demand exceeded 2,900 million euro from over 290 investors, i.e. the issue was around 6 times oversubscribed. Ernesto Lopez Moto, Ferrovial's CFO: "This new issue will be used for the early repayment of a tranche of the parent company's bank debt, reducing it to approximately the 28 million euro that has been drawn against the syndicated loan. Like its predecessor in January, this issue obtained broad market support because of the quality of our assets". The funds will be used to optimise Ferrovial's financial structure by extending maturities, now scheduled for 2018 and 2021, reducing costs and shrinking bank debt. The order book was very diversified, and the deal was extremely well received by international investors. More than 90% of the issue was placed outside Spain, primarily in the United Kingdom, Germany, Switzerland and France. The operation will yield net funds of 496.58 million euro for Ferrovial and is expected to be closed and paid up by the 7th of June. The bonds will trade on the London Stock Exchange and are expected to obtain the same investment grade rating as Ferrovial (BBB), which was recently upgraded by Standard & Poors.  


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