MADRID, SPAIN – 09 August 2017 – Rubicon Infrastructure Advisors (“Rubicon”) is pleased to announce that financial close has been reached on the refinancing of Autovía del Pirineo (the “Project”), a 45.4 kilometre shadow toll road that is part of the Pyrenees Corridor located between Pamplona and Jaca in the Community of Navarra, Spain.
Rubicon acted as the exclusive financial advisor to Iridium Concesiones de Infraestructuras S.A. (“Iridium”), on the procurement of senior debt facilities from a syndicate of international institutional funders and banks. The €182 million refinancing was achieved with the issuance of a 20-year dual tranche which consisted of a €148m fixed rate tranche and a €34m floating rate tranche.
The Project has been operational for over 5 years and improves the connection between the Basque Country and Catalonia, the two most important industrial hubs in Spain. The Grantor of the Project, the Government of Navarra, is a relatively small region with a population of 638,000 people but represents the 3rd highest GDP per capita (€28,682 in 2015) and the lowest unemployment rate (10% in Q4 2016) in Spain.
This is Rubicon’s eighth debt engagement to have reached close over the past 12 months representing approximately €2.6 billion in new debt financing and maintains Rubicon’s 100% success rate in closing every debt advisory assignment where it has been mandated. This is the third sale or refinancing of essential infrastructure assets in the last 18 months that Rubicon has represented Iridium as its financial advisor.
About Rubicon Infrastructure Advisors
With representation in Dublin, New York, Madrid and Sydney, Rubicon is a specialist investment banking firm focused solely on the global infrastructure and energy market. The firm’s team comprises industry experts with extensive experience and who have advised or structured over €200 billion worth of infrastructure transactions across multiple sectors and jurisdictions (www.rubiconinfra.com).
Iridium Concesiones de Infraestructuras S.A. is an affiliate of Grupo ACS that invests, develops and manages government concessions in both the transportation and social infrastructure sector. Iridium is considered the leading greenfield concession developer in the world with over 40 projects and almost €1.5 billion of equity invested. The company has developed over 120 infrastructure assets in 18 countries across 4 continents representing total investment of almost €50 billion and independently manages more than 100 companies working in the construction / operation of various concessions. (http://www.iridiumconcesiones.com/).