Refinancing of metro project in Spain closed

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Refinancing of metro project in Spain closed

ACS Group has successfully closed the refinancing of Metro de Barcelona Line 9 tranche 2 debt, worth EUR725 million (US$795.521 million) through its subsidiary Iridium Concesiones de Infraestructuras, S.A and its concessionary partners.

The refinancing has been structured through a short-term bank tranche with Spanish entities and two long-term tranches (one of them at a fixed rate and the other one at a variable rate) privately placed to international institutional investors from Canada, Germany, Italy, France, the USA, and Ireland.

Metro de Barcelona’s Line 9 tranche 2 project is a landmark asset that, when finalized, will constitute the longest automatic metro line in Europe, with a length of 52 Km and 50 stations.

The award includes de design, construction, financing, and maintenance until 2042 of 15 stations with a total investment of more than EUR575 million (US$630.930 million). The awarded contract was signed in 2010 with Ifercat, an entity dependent on Generalitat de Catalunya, in charge of railway projects, while the concessionary is made up of Iridium, Queenspoint (owned by Allianz Capital Partners and ATP), Equitix and Dalmore.

Furthermore, in this refinancing stage, Goldman Sachs International has participated as Lead Structuring Bank, while BBVA has acted as Co-Structuring Bank.



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