Ferrovial closes refinancing of the autopista Del Sol Toll road in Malaga
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).
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