Madrid-based Globalvia announced yesterday it has successfully completed a capital raising process to meet the requirements of its current portfolio and to facilitate future investments with the addition of a commitment of €150 million to a convertible instrument from Universities Superannuation Scheme Limited (USS). This follows the agreement signed two years ago with the pension funds providers PGGM (Netherlands) and OPTrust (Canada) resulting in Globalvia achieving its strategic target of raising €750 million.

Besides USS committing €150 million, PGGM and OPTrust have signed an agreement by which they commit to provide €100 million each, in addition to the €400 million initially committed to in 2011. The agreement signed today remains subject to antitrust clearance in respect to the adherence of USS.

In 2011 Globalvia formed a subsidiary (Globalvia Inversiones) and transferred to it selected road and rail concessions (*see below), with the participation of the pension funds through a mandatory convertible instrument.

The press release stated:

"The main objective for performing this transaction is to allow Globalvia to continue growing primarily through the addition of new brownfield concession projects to its portfolio. In this way Globalvia can continue establishing itself as a leading infrastructure player, improving the quality of its portfolio and moving to the next level through exploring new opportunities in an attractive sector. The company is focused on managing road and railway concessions and is seeking to expand in OECD countries."

In the words of Juan Bejar Ochoa, CEO of Globalvia:

"This agreement withUSS completes the process that began two years ago with OPTrust and PGGM. It validates Globalvia's business project and shows confidence in our growth strategy."

USS, PGGM and OPTrust are managing and investing on behalf of leading international pension funds with a long-term investment philosophy. "Pension funds are ideal partners for the infrastructure business because of their long term strategy", said Bejar.

Throughout the process Globalvia has received tax and legal advice from KPMG and Hogan Lovells and financial advice from JP Morgan and Macquarie Capital. The pension funds have received legal advice from Allen & Overy.

• Autopista Central Gallega (Spain)
• Concesiones de Madrid (Spain)
• Ruta de los Pantanos (Spain)
• Madrid 407 (Spain)
• Túnel de Sóller (Spain)
• Metro Barajas (Spain)
• Metros Ligeros de Madrid (Spain)
• Transportes Ferroviarios de Madrid (Spain)
• Metro de Málaga (Spain)
• Túnel d'Envalira (Andorra)
• Auto-Estradas XXI - Transmontana (Portugal)
• Scutvias - Auto-Estradas Da Beira Interior (Portugal)
• M-50 Concession Limited (Ireland)
• N-6 Concession Limited (Ireland)
• Autopista del Aconcagua (Chile)
• Autopista del Itata (Chile)
• Autopistas del Sol (Costa Rica)
• Autovia Necaxa - Tihuatlán (Mexico)