Spain in desperate move to keep toll roads open
Spanish Ministry of Transport and Public Works is working "in extremis" to prevent the closure of the R-3 and R-5 radial highways developed under the concession model.
In accordance to a resolution of the Commercial Court number 6 of Madrid, the two highways would be closed to traffic on October 1, 2016.
The Ministry has begun intense negotiations with the consortium in charge of the concession in order to ensure continuity of the highways services. The consortium is formed by Abertis, which has a 35% stake in the concessionaire (Accesos de Madrid). Sacyr owns 25% and Bankia and ACS 20% each.
As we reported in May, the Commercial Court number 6 of Madrid, Spain, stated that the radial highways R-3 Madrid-Arganda and R-5 Madrid-Navalcarnero, and the Alicante bypass highway will be closed to traffic on October 1, 2106 if the Spanish Infrastructure Ministry (Fomento) does not assume the management of roads before that date.
The Alicante bypass highway concessionaire (Ciralsa) is controlled by ACS, with 50%, and by Abertis and Globalvia, with 25% each.
In mid June we informed that CaixaBank sold the debt from R-3 Madrid-Arganda, R-5 Madrid-Navalcarnero and Alicante bypass to distressed investors. According to sources, the bank sold approximately €100 million (US$112.5 million) of debt to Taconic Capital.
There are a total of nine toll roads in bankruptcy in Spain at this moment:
- 4 radial highways in Madrid, R-2, R-3, R-4, and R-5
- Alicante bypass highway
- M-12 Barajas Airport - Madrid highway
- Madrid - Toledo highway
- Cartagena - Vera highway
- AP-36 Ocaña - La Roda
In 2014 the Spanish government announced plans to group the bankruptcy road concessions under the same vehicle which would have a total debt of €3,800 million. After this process, the government aimed to get a debt haircut of 50% and refinance the rest with the launch of 30 years bonds. Spanish banks including Banco Santander, BBVA, La Caixa, Banco Popular, Sabadell and Bankia, were willing to accept the discounts but the Association of Spanish contractors (Seopan), whose members own most of the concessions, rejected this solution.
Country news
-
-
September 21, 2016
GIP III acquires 20% stake in Gas Natural
Global Infrastructure Partners (GIP) recently announced that its fund, Global Infrastructure Partners III (GIP III), and a group of its Limited Partner Co-Investors have agreed to acquire a 20% interest in Gas Natural SDG, S.A. from Criteria Caixa, S.A. and Repsol, S.A. Read more -
September 14, 2016
Ferrovial places a 500 million euro 6-year bond at a 0.375% coupon
Taking advantage of the current market conditions with low interest rates, Ferrovial has successfully priced a €500 million (US$562 million) 6-year senior bond. Read more -
August 17, 2016
AMP capital to acquire Spain´s telecom infrastructure provider Axion
AMP Capital, on behalf of investors in its global infrastructure equity platform, has entered into an agreement to acquire 100 per cent of Axion from Antin Infrastructure Partners. Read more -
August 01, 2016
gaProject 746:Gipuzkoa tenders waste to energy concession
The winning team will be responsible for the construction, finance, operation and maintenance of a waste to energy plant with capacity to treat approximately 200,000 tones per year. In addition, the consortium in charge of the concession will have the rights on the revenues for the power generated, which is considered to stand at 160.000 MWh per year. Read more -
July 29, 2016
Isolux Corsan obtains the support of the majority of the banks and bondholders for the restructuring plan
The refinancing agreement of Isolux Corsan (Master Restructuring Agreement or MRA) has been signed by the bondholders and a large majority of creditor banks. Once the deadline for the adhesion expired, the signatories of the agreement represent 89.4% of the financial debt subject to restructuring. This support allows requesting court approval in order to extend the agreed terms to all financial creditors. Read more
