France’s A19 road refinancing signs
Arcour, a VINCI Autoroutes subsidiary, has finalized the refinancing of its credit facilities granted in 2008 by a pool of commercial banks.
Arcour signed a concession contract with the French state on March 31st 2005, for 65 years, covering the design, finance, build, and operation of the A19 motorway section between Artenay and Courtenay.
After 8 years of operation, Arcour issued a €417 million (US$ 493,71) private placement of project bond type, amortizable over 30 years with a fixed rate of 2.817% and subscribed by investors represented by Allianz Global Investors, AXA M – Real Estate, La Banque Postale Asset Management and MEAG MUNICH ERGO AssetManagement GmbH.
Concurrently, the €191 million (US$ 226,13) loan granted by the European Investment Bank in 2008 has been maintained, and its amortization profile and maturity were lengthened to be aligned with those of the new bond.
Thanks to this very long-term refinancing, Arcour improves its financial structure on a sustainable basis.
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