South Europe Atlantic high-speed rail concession refinanced for US$2.5 billion

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LISEA, the concession company that operates the South Europe Atlantic high-speed rail line, has refinanced EUR2.2 billion (US$2.52 billion) of the debt it raised from a pool of banks in 2011 to finance the construction of the rail line between Tours and Bordeaux.

This transaction encompasses a EUR1.3 billion (US$1.49 billion) bank loan maturing over 27 years, along with two fixed-rate tranches from institutional investors amounting to a total of EUR905 million (US$ 1.04 billion) and maturing over 30 and 35 years.

These two fixed-rate tranches have earned the Green Bond label from Vigeo, an independent rating agency, on account of LISEA’s environmental commitments. This refinancing operation is one of the largest in Europe this year and enables LISEA to decrease the cost of its debt and extend its average maturity.

The South Europe Atlantic high-speed rail line opened to traffic on 2 July 2017 and has shortened travel times between Paris and Bordeaux to two hours. Financial closing is expected in this quarter of 2019.

VINCI Concessions is the largest shareholder of LISEA, owning 33.4% of the company. The remaining interests are held by Meridiam Infrastructure, ARDIAN and Caisse des Dépôts et Consignations.

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