Sanef's owner refinances with record low coupon

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Sanef's owner refinances with record low coupon

Sanef's owner, HIT SAS, in which Abertis holds a 52.55% stake, has completed a 10.5-year, €450 million bond issue with a coupon of 2.25%.

This is the issue with the lowest coupon ever for a European company rated BBB-. Also the achieved coupon is the lowest issued by a company of the Abertis Group. More than 80% of investors who came to the issue are from outside France (Germany, UK, Ireland...).

The new bonds will be exchanged either in full or partially for bonds previously issued by HIT Finance BV with a 5.75% coupon and maturing in March 2018. This will extend the maturity -with a three times longer term for the new bonds - and significantly improve the financial costs of the debt of Abertis' French subsidiary.

This issue beats the conditions of the transaction Abertis executed last June issuing €700 million new 10-year bonds with a coupon of 2.5%, enabling it to cancel some pre-existing bonds with a higher coupon and shorter maturity.

This allows Abertis to continue its active policy of lengthening its debt maturity and of optimising its financial costs. In 2014, Abertis has carried out various refinancing transactions at both the parent company and its subsidiaries totalling over €1,500 million.

HIT SAS -in which CDC Infrastructure, Predica, AXA, FFP and CNP also hold stakes- controls Sanef's concessions in France. Sanef directly manages over 1,700 kilometres of toll roads in the north west of France, Normandy and Aquitaine, which account for 22% of the country's total toll roads. It also develops teletoll projects throughout the world through Sanef ITS.

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