Brisa Concessão Rodoviária, S.A. (BCR), the main concession of Brisa, successfully issued a new corporate bond in an aggregate principal amount of €300 million (US$337 million).

The senior fixed rate secured bonds have a maturity of May 2027 (10 years) and an annual coupon of 2.375%. The securities were placed with high quality institutional investors in the international capital markets and are listed on the Luxembourg Stock Exchange.

Through this bond issue, BCR was able to capture favourable capital market conditions and satisfy its bond issuance objectives for the year. Demand was particularly high, with over 260 institutions filling in an orderbook totalling over €3.4bn (11.3x oversubscribed).

The successful issuance of the bonds reflects one of Arcus' 2017 strategic objectives to improve the efficiency of BCR's capital structure and lower total financing costs. The new issuance allowed BCR to lock in 10 year financing at c. 45bps below the pre-issue weighted average cost of it's debt and over 100 bps less than the related Portuguese Sovereign debt of similar tenor.

BCR is currently rated Baa3 by Moody’s and BBB by Fitch, both with a “stable” outlook. BCR is 70% owned by Brisa.

Barclays, Caixa-Banco de Investimento, Deutsche Bank, Millennium BCP, Novo Banco, Santander, and Société Generale CIB acted as Joint Bookrunners in the bond issue.

BCR's concession totals 1,123.9 km, consisting of 12 motorways, including the future access to the New Lisbon Airport. The network under concession is nearly fully built. BCR operates directly 11 motorways, totalling 1100.2 km in length, including 1014.1 km of tolled sub-stretches and 86.1 km of free toll sub-stretches. The network will be completed with construction of the A33 motorway, corresponding to the access to the new Lisbon Airport, which is currently on hold.

The network runs from North to South and East to West. It includes the country's main road axes, namely the coastal corridor and the Lisbon-Madrid connection. It further includes important circular roads around the metropolitan areas of Lisbon and Oporto.