Rubicon advises ACEGA, a Spanish PPP toll road, on its €175 million refinancing utilising a dual bank and bond financing structure

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Rubicon advises ACEGA, a Spanish PPP toll road, on its €175 million refinancing utilising a dual bank and bond financing structure

Rubicon Infrastructure Advisors (Rubicon) has announced the financial close on the €175 million (US$186 million) refinancing of Autopista Central Gallega, C.E.S.A. (ACEGA), through the issuance of a privately placed bond and senior bank debt facility.

ACEGA operates, under a 75-year concession agreement with the Spanish Government, a 56.6 km operational toll road between Santiago de Compostela and Alto de Santo Domingo in Galicia (Northwest Spain).

ACEGA is majority owned by Globalvia, one of the world’s leading infrastructure managers.

Rubicon acted as the exclusive financial advisor to ACEGA and Globalvia on the procurement of senior debt from a syndicate of international institutional and bank lenders to replace ACEGA’s existing lending facilities.

Commenting on the transaction, Arlynejane Divilly, Director of Rubicon said:

“We are delighted to have assisted ACEGA and Globalvia on this transaction, delivering an innovative financing structure. The transaction combines a privately placed bond with a senior loan facility and attracted interest from leading international institutional and bank lenders. This transaction represents our inaugural Spanish debt procurement which complements our market-leading presence in the Spanish infrastructure M&A sector and reinforces our prominent position as one of the leading infrastructure financial advisors in Europe.”

This transaction marks Rubicon’s eighth successful deal in 2016 and its fourteenth transaction in the past 18 months, representing 27 individual assets with a combined enterprise value in excess of €8.0 billion (US$ 8,5 billion).  This proven track record led to Rubicon being recognized as one of the top 10 global financial advisory firms in 2015.

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