Through its subsidiary Cintra, Ferrovial has closed refinancing for the two stretches of the Autopista del Sol toll road concession (Ausol I and Ausol II) in Andalucía.

The total cost of this new financial arrangement is €558 million (US$638 million), with a reduction in the cost of financing and extension of the expiry date to 2045.

Within this new financial arrangement, which is non-recourse for shareholders, senior bonds have been issued in the amount of €467 million (US$534 million), at a fixed rate coupon of 3.75%, maturing in 2045.  The bonds are listed on the Irish Stock Exchange, and have been subscribed primarily by European institutional investors.

A second instalment of the arrangement is comprised by senior notes in the amount of €40 million (US$46 million), at a coupon rate of 3.75%. These notes are listed in the Viena Market and have been subscribed by American institutional investors. Both the senior bonds and the senior notes have a Standard & Poor’s credit rating of BBB with a stable outlook.

A loan has also been agreed with a group of Spanish commercial banks, in the amount of €51 million (US$58 million).