April 26th, 2018. Rubicon Infrastructure Advisors (“Rubicon”) is pleased to announce that financial close has been reached on the refinancing of the existing senior debt of Autopista de la Mancha, C.E.S.A., a 108 kilometre shadow toll road that runs north-south between Puerto Lapice and Venta de Cardenas, in Castilla-La Mancha, Spain (the “Project”).
The Project was procured under a 19-year concession and became fully operational in January 2013. It is part of the A-4 Autovia del Sur, one of the six main routes exiting Madrid and one of Spain’s nine primary motorway routes that connects Madrid to south and south-west Spain.
Rubicon acted as the exclusive financial advisor to the consortium consisting of Alvac, S.A. (“Alvac”), Aldesa Construcciones, S.A. (“Aldesa”), Cointer Concesiones, S.L. (“Cointer”), Sando Concesiones, S.L. (“Sando”), and INYPSA Informes y Proyectos, S.A. (“Inypsa”) (together the “Consortium”), in the procurement of senior debt from a syndicate of Spanish entities. Following a competitive funding process with institutional and commercial lenders, two parties that offered competitive terms and conditions were selected to provide the €75 million, 8-year fully amortizing, floating rate facility. Rubicon was able to secure a significant improvement in both the pricing and the covenants for the Consortium with this new facility and remove future refinancing risk.
The Project forms part of the 2006 Spanish Government’s first Extraordinary Road Infrastructure Plan. The second €5 billion Extraordinary Road Infrastructure Plan (PIC 2018-2019) has been announced and Rubicon is actively involved in the process, which is expected to be completed over the next two years.
This is Rubicon’s tenth debt engagement to have reached financial close in the past 18 months (the fourth refinancing to close in Spain), representing approximately €2.5 billion in new debt financing raised. With the closing of this transaction, Rubicon continues to maintain its 100% success rate in closing every debt refinancing assignment it has been mandated over the past three years.
Cuatrecasas Gonçalves Pereira acted as legal advisor to the Consortium.
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).
Founded in 1969, Aldesa is amongst the top 10 construction firms in Spain and Mexico and the 3rd largest non-listed construction firm in Spain. Aldesa has approximately 2,600 employees and is active in the construction of large civil transport works such as railways, roads, subterranean works and maritime projects. The group also has a significant presence in the development and operation of renewable energy projects and concessions.
Alvac is a civil engineering, concessions, maintenance and environmental services company with a core competency in the development, maintenance and repair of public works. Alvac was founded in 1985 and has established itself as a leading name in comprehensive road maintenance. Alvac maintains in excess of 20 Spanish roadways counting both the government and private companies as clients. Alvac employs approximately 500 employees and is well diversified outside of Spain, with numerous contracts for civil works and maintenance in both Chile and Peru.
Cointer is a subsidiary of Grupo Azvi and is one of Spain’s largest privately held civil works construction companies with a total global workforce of 1,400 people. Grupo Azvi has built more than 460km of high speed railway, 2,000km of conventional railway, 1,500km of roads, 33,000m of tunnels and 12,250m of bridges and viaducts and currently owns, manages, maintains and operates concessions in the transport and social infrastructure sectors. Notable transportation assets owned by Cointer include: the 361km Michoacán Road Package in Mexico, the 18km Castilla-La Mancha A-40 highway in Spain, the Chacalluta de Arica Airport in Chile and approximately 10,000 car parking spaces in Spain.
Sando is the concession arm of Grupo Sando, which is a privately owned Spanish infrastructure development company based in Spain with a presence in Spain, South America and North Africa. Sando is an established and experienced operator of Spanish concession assets, with current equity participation in 5 car parking concessions (1,725 parking spaces) and two toll roads.
INYPSA is a Spanish-based engineering and consulting company that is focused on the integrated management of infrastructure projects. INYPSA was founded in 1971 and is engaged in the provision of engineering and consulting services to large scale infrastructure, environmental and geological projects in Spain and South America primarily but has also worked on projects across 5 continents.