Autopista del Sol, an Abertis concession company in Chile, has now finalized a repurchase offer on a bond issue worth a total of CLP27,000 million (US$40 million). The operation entailed a full buyback of the issue, maturing in 2018.

Autopista del Sol is a 133 kilometer-road that links Santiago de Chile with the port of San Antonio.

As we reported in July 2015, Abertis closed the agreement with Fondo de Inversión Público Penta Las Américas Infraestructura I and Fondo de Inversión Público Penta Las Américas Infraestructura II for the acquisition of the 50% stake of the share capital of Infraestructura Dos Mil, parent company of the concessionaires Autopista del Sol.

Withdrawal of the bonds frees up resources and will give the group more room for manoeuvre to make its investments without the encumbrances of the previous financial structure, and thus continue its growth project in Chile.

The operation also demonstrates the Abertis focus on Chile, where it intends to continue to invest in the months ahead. The group is now busy arranging its assets in the country, with a view to simplifying its management processes and expanding at a faster pace.

In January Abertis spent €950 million on the 50% it did not yet control of Autopista Central, the toll road with the largest volumes of traffic in Chile. The purchase reconfirmed Abertis as the country's largest concession operator by traffic volume.

In October the announcement was made of a new partner in the Chilean business, a subsidiary of the Abu Dhabi Investment Authority fund (ADIA), with a stake equivalent to 20% of the economic rights of the business in Chile. The operation gave better visibility to the value of the Abertis portfolio in Chile, and a financial boost to both organic and inorganic growth.