Ferrovial has signed a five year 750 million euro liquidity line with 12 financial institutions, replacing existing credit lines. This agreement is part of Ferrovial's ongoing strategy to extend maturities and reduce financing costs. "This deal reflects the financial community's high level of confidence in Ferrovial and the quality of its assets," said Ernesto López Mozo, the company's CFO. The transaction extends by four years, until 2019, the deadline of the main liquidity line for 541 million euro. It also improves funding costs, since it has been arranged at an initial margin of 90 basis points. The 750 million euro liquidity line will not be drawn initially, providing the company with a high degree of financial flexibility and availability. In 2013, Ferrovial successfully completed two 500 million euro bond issues, in January (5 years) and May (8 years), both paying a 3.375% coupon. The issues were oversubscribed 11- and 6-fold, respectively.