Iridium closes refinancing of Autovia del Pirineo
Iridium Concesiones de Infraestructuras, part of the ACS Group, has announced that financial close has been reached on the refinancing of Autovía del Pirineo in Spain.
The €182 million (US$214 million) refinancing was achieved with the issuance of a 20-year dual tranche which consisted of a €148 million (US$174 million) fixed rate tranche and a €34 million (US$40 million) floating rate tranche.
Autovía del Pirineo is a 45.4 kilometre shadow toll road that is part of the Pyrenees Corridor located between Pamplona and Jaca in the Community of Navarra.
The project was awarded in July 2009 to a consortium formed by Iridium (72%), Construcciones Luciano Elcarte (20%), and Construcciones Mariezcurrena (8%). Currently Iridium holds 100%.
The project has been operational for over 5 years and improves the connection between the Basque Country and Catalonia, the two most important industrial hubs in Spain. The Grantor of the project, the Government of Navarra, is a relatively small region with a population of 638,000 people but represents the 3rd highest GDP per capita (€28,682 in 2015) and the lowest unemployment rate (10% in Q4 2016) in Spain.
Rubicon acted as the exclusive financial advisor to Iridium. This is the third sale or refinancing of infrastructure assets in the last 18 months that Rubicon has represented Iridium as its financial advisor.
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