Vinci closes 600 million bond refinancing for motorways unit
VINCI has announced the successful placement by ASF (Autoroutes du Sud de la France) of a €600 million (US$819.8 million) bond issue maturing in January 2024, with an annual coupon of 2.95%.
ASF (a subsidiary of VINCI Autoroutes) is France's leading motorway concession company. ASF operates a concession network with a total length of 2,714 km.
The lead managers were Banca IMI, Crédit Agricole CIB, Lloyds Bank, Mizuho, Morgan Stanley, and Santander GBM.
The issue was approximately 4 times oversubscribed, thus confirming investors' confidence in the company's credit quality, rated BBB+ by Standard & Poor's and Baa1 by Moody's, with a stable outlook.
Completed as part of the company's EMTN programme, the issue is intended to refinance ASF's existing debt and enables the company's average debt maturity to be lengthened.
VINCI signed in July 2012 a €1.785 billion 5-year syndicated credit facility for Autoroutes Du Sud de La France. The facility closed more than 1.5 times oversubscribed. The facility was said to be used for general corporate purposes and replaced ASF's existing €2 billion revolving credit facility maturing in December 2013.
Autoroutes du Sud de la France posted revenue of €2.5 billion in fiscal year 2012.
In December 2013, VINCI Autoroutes signed an agreement with Colas (partially owned by Bouygues) to acquire a 16.67% stake in Cofiroute for €780-800 million. Cofiroute is the concession company of 1,100 km of motorways in western France and the A86 Duplex tunnel in the Paris region.
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