AustralianSuper helps Itinere refinance debt

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AustralianSuper helps Itinere refinance debt

AustralianSuper, an Australian superannuation / pension fund, is helping Spanish highway company Itinere to refinance its long-term debt commitments.

To be more specific, AustralianSuper has provided Itínere with a €300 million (US$333.6 million) bullet loan, a debt instrument where payment of the entire principal is due at the end of the loan term. 

In October 2013, Itinere signed a loan of €1.176 million to assure its financial viability under very adverse conditions due to the decrease of traffic in the Spanish highways it operates. Banco Popular, Banco Sabadell, Banco Santander, BNP Paribas, CaixaBank and Société Générale led the banking team formed by 28 banks. Although, the credit matured in 2018, the company was paying a spread of 300 bps over euribor. 

The bullet loan provided by AustralianSuper has allowed Itinere to reduce its debt to €786 million (US$881.2 million), to extend the debt maturity ten years until 2028 and to reduce the interest to 2%.

Additionally, the company has a loan of €580 million (US$650.3 million), which was restructured in late 2014. At that time the firm extended the maturity of this loan ten years until 2025.

The combination of these transactions has allowed Itinere's shareholders to have financial visibility for the next years and perhaps get ready for a potential sale of the company.

Itinere currently has 6 motorway concessions, all of them in operation, distributed in northern Spain amounting to 609,1 kms:

  • Audasa: This toll motorway connects the north of Galicia to the south of Galicia.
  • AP-1 Europistas: The motorway Burgos- Armiñón, with a length of 84.3 Km, links the central and South part of the Iberian peninsula with the French border..
  • Aucalsa - AP-66: The Campomanes-León Toll Motorway responds to the need to keep a road link open throughout the year between Asturias and the Castilian Plateau.
  • Audenasa: With a length of 112.6 km, the Navarra Motorway links the Ebro motorway to the Northern motorways via the "Leizarán" (San Sebastián) motorway and the "La Barranca" (Vitoria) motorway.
  • Autoestradas de Galicia AG-55: The AG-55 motorway acts as a communications corridor in the district of Bergantiños between A Coruña and Carballo.
  • Autoestradas de Galicia AG-57: The AG-57 motorway connects the towns of Puxeiros and Baiona, located within the metropolitan area of Vigo via a 25 kilometre section.
  • Acega - AP-53: Motorway stretch in Galicia with three sections: Section I: 'Santiago-Silleda' - 33.6 km, Section II: 'Silleda-Lalin Centro' - 13.3 km, Section III: 'Central Lalin - Alto de Santo Domingo' - 9.7 km.
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