French concessionaire issues 500 million 10 year bond with 1 coupon
VINCI has announced the successful placement by ASF (Autoroutes du Sud de la France) of a €500 million (US$570 million) bond issue maturing in May 2026 with an annual coupon of 1%.
The issue was more than 4 times oversubscribed, thus confirming investor confidence in the company’s credit quality, rated A- by Standard & Poor’s and Baa1 by Moody’s, with stable outlook.
In January 2014 we published the placement by ASF (Autoroutes du Sud de la France) of a €600 million (US$819.8 million) bond issue maturing in January 2024, with an annual coupon of 2.95%.
The lead managers were Banca IMI, Crédit Agricole CIB, Lloyds Bank, Mizuho, Morgan Stanley, and Santander GBM.
VINCI signed in July 2012 a €1.785 billion 5-year syndicated credit facility for Autoroutes Du Sud de La France. The facility was said to be used for general corporate purposes and replaced ASF's existing €2 billion revolving credit facility maturing in December 2013.
The issue, part of the EMTN programme, is intended to refinance ASF’s existing debt. It enables the company to take advantage of excellent market conditions to continue to optimise the cost of its debt and lengthen its average debt maturity.
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