Rubicon Infrastructure Advisors has announced the closing of a junior debt loan facility for a portfolio company that is majority owned by Sacyr Concesiones S.L. and 3i Managed Infrastructure Acquisitions L.P., a fund managed by 3i Investments plc.

The facility will fund Autovía del Turia, Concesionaria de la Generalitat Valenciana, S.A. as it undertakes a program of required expansion works for the CV-35 and CV-50 shadow toll roads connecting the city of Valencia with the interior of the region, located in eastern Spain.

Through a competitive dual track process, Rubicon was able to provide options for the concessionaire to fund the expansion works through either senior or junior debt facilities.

The junior debt solution allows the company to retain its existing senior funding, which has competitive margins, whilst also providing the flexibility to take advantage of further expected improvements to the economy of Valencia.