Autopista del Sol Concesionaria Española €557 million refinancing

Overview:

• Autopista del Sol Concesionaria Española has secured refinancing of its indebtedness structured as two syndicated loans with aggregate principal of approximately €475 million and an associated interest-rate-swap instrument with a fair market value of €60 million.
• The structure is executed through the issuance of an Irish Stock Exchange listed €467 million fixed-rate senior secured bonds due 2045 under regulation S of the US Securities Act; €40 million senior secured notes due 2045 privately placed with specific US qualified investors and listed on the third market of the Vienna stock exchange; and a €51 million junior secured loan due 2026.
• Banco Santander acted as the sole bookrunner in the deal.
• The transaction represents one of the first infrastructure project bond issuances in Spain—and the largest to date.
• It’s also a landmark deal in the Spanish market as the bond financing is subject to the concession’s traffic risk during a thirty-year period.

Adam Majeed - Regional editor