Aunor, a concessionaire in Spain, has launched a project bond issue of €54 million (US$62.3 million) in order to refinance the Autovia Noroeste motorway in Murcia -RM15. This is the third project bond issue on the Mercado Alternativo de Renta Fija (MARF).

Aunor is owned by Autovías de Peaje en Sombra. This company totally belongs to EISER Global Infrastructure Fund which possesses a 49% stake and Sacyr Concesiones a 51% stake.

The bonds which have a nominal value of €100,000 (US$115,400) and mature on 30 June 2025, have an annual coupon off 4.75%, payable each 6 months. The issue has a pledge-based secured structure in favour of bondholders. 

Bankia is acting as Global Coordinator and Bookrunner for the bonds and Deloitte Advisory as Registered Advisor in MARF.

Whitehelm has invested €33 million (US$38 million)  in the project, becoming the leading investor.

In 1998 Aunor was awarded the concession contract to develop, operate and maintain 64.2 km of the RM15 motorway in Murcia. This concession, under a 20 year concession agreement, operates under a shadow toll regime. In this kind of contract the Autonomous Region pays the owner of the concession a quantity linked to traffic of vehicles in the motorway.