Spain: Dentons Advises On The Refinancing Of ACEGA’s Toll Motorway AP -53
Last Updated: 2 December 2016

Dentons Spain has advised the financial institutions in the refinancing of a Globalvia-controlled motorway concession known as AP-53, a 56.6 Km long motorway which links Alto de Santo Domingo (Orense) and Santiago de Compostela, in the northwest region of Spain called Galicia. The operation was closed in Madrid last Friday, November 25th.

Autopista Central Gallega (ACEGA) refinanced EUR 175m banking debt through a private-placement of notes and a senior bank debt facility. The new financing was provided by a mix of Spanish and international banks and international institutional investors. It has an 8-year tenor and bullet transaction split into two tranches: a EUR 100m tranche structured as a fixed-price bond (tranche A), and a EUR 75m tranche structured as a floating rate, partially hedged (tranche B).

With this refinancing, ACEGA increases its financial indebtedness and consolidates the improvement of the evolution of traffic and the management of the asset, obtaining plenty of time to consolidate a key infrastructure that connects by road Galicia and the rest of Spain. The concession was awarded in 1999 and has a 75-year duration.

Globalvia owns 61.4% of the concessionaire, whilst Abanca Corporación Industrial owns 20.2 % and Itínere Infraestructuras maintains a 18.4% stake. The concession was awarded in 1999 and has a 75-year duration.

The Dentons team was led by partner Jabier Badiola and senior associate Luis Belart.

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