Isolux Infrastructure refinances debt of Saltillo-Monterrey highway through a bond issue
Isolux Infrastructure has announced the refinancing of Saltillo-Monterrey highway debt through a bond issue in the local market with a maturity of approximately 25 years. The amount issued is approximately €252 million (4.2 billion pesos).
Isolux Infrastructure, which recently got a €500 million investment from the Canadian pension fund, Public Sector Pension Investment Board, got the award of the project on November 17th, 2006 leading a consortium formed also by Elsamex and Coconal.
According to Isolux Infrastructure, "this transaction benefited from a diversified base of investors and was the first issue of toll road assets in the Mexican market in 2013, besides being the first performed by Isolux Infrastructure in the country."
The underwriters who participated in the operation were: Banco Santander, JP Morgan, Inbursa, Invex and Value. The financial advisors for the issue were Latam Capital Advisors and Bank of America.
According to sources, this bond issue will replace a loan given by BNP Paribas to the consortium.
The project includes the construction, operation, and maintenance for 30 years of the Saltillo-Monterrey toll road, 95.6 km long, in Mexico.
The Saltillo-Monterrey highway has become essential infrastructure for the five million people living in the metropolitan areas of Saltillo and Monterrey, improving connectivity and competitiveness of one of the most dynamic areas of the Mexican economy.
Source: Isolux and other sources.
