Sanef, the French company controlled by Abertis through a 52.55% stake in Holding d’Infrastructures de Transport (HIT), has closed a 12-year €300 million (US$331 million) public bond issue maturing in October 2028 and paying a coupon of 0.95%.

This is one of the lowest costs in history for bonds issued at same term by companies with same rating. The issue was closed with an oversubscription of over 3x.

This is the second public bond issue carried out directly by subsidiary Sanef, after the issue in November 2015 of a €600 million bond. Its net proceeds will be used to repay short-term, higher cost debt.

The issue allows the company to extend its debt’s maturity profile, deliver on its active balance sheet management strategy and illustrate the company’s ability to finance itself at attractive conditions and continue creating value for its shareholders.

During 2016, Abertis has completed debt refinancing deals –both corporate and on its subsidiaries– for close to €1,500 million. Last May, Abertis closed a 10-year €1,150 million bond issue maturing in May 2026, the biggest issue in the history of the company.