More concretely, the firm will issue long term bonds for a value of €500 million and it will sign a bank loan for a value of €650 million.
In October 2013, Itinere had signed a loan of €1.176 million to assure its financial viability under very adverse conditions due to the decrease of traffic in the Spanish highways it operates. Banco Popular, Banco Sabadell, Banco Santander, BNP Paribas, CaixaBank and Société Générale led the banking team formed by 28 banks.
Although, the credit matures in 2018, the company is paying a spread of 300 bps over euribor.
The length of the bond, the first transactions to be launched by the company in the capital markets, is still unknown but sources said that will be between of 7 and 10 years. Enaitinere, a subsidiary of Itinere, will issue the bonds. The company was rated yesterday by Fitch as BB-, arguing that althouh the market perspectives are improving, the leverage of the company is still very high (14 times EBITDA).
Itinere was controlled until last year by Citi Infrastructure Partners (CIP). However, CIP was sold to Corsair Capital last year.
Last year, Citi and Kutxabank (54%) and the rest of shareholders, Sacyr (15%), Liberbank (5,8%) and Abanca (23,8%) agreed the sale of Itinere.Itinere currently has 6 motorway concessions, all of them in operation, distributed in northern Spain amounting to 609,1 kms:Audasa: This toll motorway connects the north of Galicia to the south of Galicia and enables users to benefit from major advantages as regards safety, convenience and speed compared to traditional roads.AP-1 Europistas: The motorway Burgos- Armiñón, with a length of 84.3 Km, links the central and South part of the Iberian peninsula with the French border as part of the highly used corridor which connects the Iberian peninsula with Central Europe.Aucalsa - AP-66: The Campomanes-León Toll Motorway responds to the need to keep a road link open throughout the year between Asturias and the Castilian Plateau.Audenasa: With a length of 112.6 km, the Navarra Motorway links the Ebro motorway to the Northern motorways via the "Leizarán" (San Sebastián) motorway and the "La Barranca" (Vitoria) motorway, thereby creating a direct connection between Zaragoza - and for the traffic travelling on the motorways from Aragón, Catalonia and Levante - and Guipúzcoa and Alava, as well as the rest of the Basque Country, the Bay of Biscay region and France.Autoestradas de Galicia AG-55: The AG-55 motorway acts as a communications corridor in the district of Bergantiños between A Coruña and Carballo, as well as being a major link road to the districts of Soneira and Fisterra, which are a greater distance from the city of A Coruña.Autoestradas de Galicia AG-57: The AG-57 motorway connects the towns of Puxeiros and Baiona, located within the metropolitan area of Vigo, through the district of El Val Miñor in Pontevedra via a 25 kilometre section.Acega - AP-53: Motorway stretch in Galicia with three sections: