Autopistas Metropolitanas de Puerto Rico to refinance part of its debt

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
Autopistas Metropolitanas de Puerto Rico to refinance part of its debt

On July 8, 2013, Standard & Poor's Rating Services assigned its preliminary 'BBB-' rating to Autopistas Metropolitanas de Puerto Rico LLC's (Metropistas) $435 million senior secured notes due June 2035. According to S&P's, the outlook is stable.

Metropistas is looking to refinance part of the long term debt in a deal that included an upfront concession fee of US $1,080Mn (€762Mn). Of this, 60 % of this upfront payment was funded by long term debt and 40 % was funded through capital contributions by the partners, Abertis Infraestructuras S.A. (owning 45%), GS International Partners II L.P. (32%), and GS Global Infrastructure Partners II L.P. (23%).

S&P's said:

The rating reflects our view of the traffic and revenue risk, dependence on revenue growth to cover escalating and uneven annual debt service requirements, and a leveraged financial profile. It continues to implement operational efficiencies and complete the accelerated safety upgrades (ASU) required under the CA. We believe it benefits from the 40 year CA with the Puerto Rico Highways and Transportation Authority (PRHTA), which establishes a favorable toll rate-setting regime and reasonable operating provisions.

In June 2011, the bid submitted by the consortium was selected by the Puerto Rican government as the preferred bidder in the tender to manage the PR-22 and PR-5 toll roads for a 40-year period.

Sources: S&P's and Abertis
List of country news

Country news

  • September 10, 2013

    Puerto Rico cancels Juvenile correctional center PPP project

    The Puerto Rico Public-Private Partnerships Authority announced last week that the New Beginnings Juvenile Facility P3 Project, also known as "Nuevo Comienzo," will not proceed to the Request for Proposals stage. Read more
  • September 25, 2013

    Puerto Rico launches RFQ for schools P3 project

    The Puerto Rico Public-Private Partnerships Authority has released a Request for Qualifications for the construction and conservation services related to the second phase of the School Modernization Program in Puerto Rico, known as Escuelas de Primera. Read more
  • January 30, 2014

    Puerto Rico chooses winner for school PPP project

    On December 27th 2013, the Puerto Rico Public-Private Partnerships Authority selected Quality Construction Services  as a preferred bidder for the construction and conservation services of the El Pino school in Villalba. Read more
  • February 05, 2014

    Abertis becomes the majority shareholder in Puerto Rico highway P3

    Abertis has acquired 6% of the Autopistas Metropolitanas de Puerto Rico, LLC (Metropistas) from the investment funds managed by Goldman Sachs, GS Global Infrastructure Partners II L.P. and GS International Infrastructure Partners II L.P., for US $43.6 million (€32.2 million). Read more
  • May 13, 2014

    Puerto Rico tenders fuel storage lease

    Puerto Rico's Local Redevelopment Authority for Roosevelt Roads (LRA) has published a Request for Proposals (RFP) to develop fuel storage facilities in Roosevelt Roads through a lease agreement. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.