Refinancing Closes on Major Spanish Toll Road AP-46 Las Pedrizas

MADRID, SPAIN, September 28, 2018 – Rubicon Infrastructure Advisors ULC (“Rubicon”) and Banco Santander S.A. (“Santander”) are pleased to announce the closing of a €229m refinancing for Autopista de Guadalmedina, C.E.S.A. (the “Company”).  The refinancing was for the Company’s AP-46 Las Pedrizas Toll Road, a 28km toll road in Spain which forms part of the main highway connecting Malaga to Madrid.  This project was granted to the Company in December 2006 and has been operational since October 2011.

Rubicon and Santander served as co-financial advisors to the Company which is owned by Sacyr Concesiones, S.A. (40%), Unicaja Banco, S.A. (30%) and ABANCA Corporación Bancaria, S.A (30%).  After completing a competitive process, the debt was structured to include both a long-term non-recourse senior debt tranche provided by a syndicate of institutional investors that included MEAG Munich ERGO Asset Management GmbH (MEAG) and Ärtzeversorgung Westfalen-Lippe (AEVWL) and a junior debt tranche provided by Kommunalkredit Austria AG (“Kommunalkredit”). The pricing and terms of the refinancing were a significant improvement over the Company’s existing debt facility.

The advisers of the Lenders on the deal were Herbert Smith Freehills (legal adviser), Arup (technical adviser), Deloitte (demand adviser) and Willis (insurance adviser). Perez Llorca and Orrick Herrington & Sutcliffe LLP acted as legal adviser to the Company.

About Rubicon Infrastructure Advisors

Rubicon is one of the world’s leading investment banking firms focused solely on the infrastructure, energy & utilities sectors. With offices in Dublin, New York & Madrid along with near-term plans to open offices in Bogotá, London & Sydney, the firm has a truly global reach. Since inception in 2011, Rubicon has closed over 40 transactions covering the sale, acquisition or refinancing of approximately 100 essential infrastructure, energy & utilities assets located across Europe, North America, Latin America and Asia with a combined enterprise value in excess of USD $35 billion. The firm is regulated by the Central Bank of Ireland. Learn more about the firm at: www.rubiconinfra.com and by following Rubicon Infrastructure Advisors on LinkedIn.