Assured Guaranty (Europe) SA has guaranteed €200 million (US$230.6 million) of debt for Autoroute de Liaison Seine-Sarthe Corporate (ALiS), backed by Aberdeen, CVC, PGGM and Vauban, as part of the refinancing of the A28 toll road in northwestern France. 

The refinancing of France’s A28 toll road has secured €200 million of guaranteed debt from Assured Guaranty (Europe) SA (AGE), an indirect subsidiary of Assured Guaranty Ltd. The guarantee covers principal and interest payments on debt instruments issued for Autoroute de Liaison Seine-Sarthe Corporate (ALiS), which is owned by a consortium of financial sponsors including Aberdeen, CVC, PGGM and Vauban. The A28 toll road is located in northwestern France and has been operational since 2006. 

The €200 million guaranteed financing consists of two long-term debt tranches. The first is a 30-year amortising floating-rate loan provided by four Spanish banks—Bankinter, Kutxabank, BCC-Grupo Cajamar and Abanca. The second is a 35-year amortising fixed-rate note provided by a UK institutional investor. These facilities form part of a larger financing package raised by the sponsors to refinance the existing A28 toll-road debt. In addition to guaranteeing the €200 million of debt, AGE has provided a €55.5 million debt service reserve guarantee. This guarantee covers six months of debt service on ALiS's entire debt, providing additional credit support to the refinancing structure. The guarantee is intended to help ALiS secure long-term financing at competitive pricing. According to Assured Guaranty, its AA rating from S&P Global Ratings enabled lenders to obtain significant regulatory capital relief, which in turn supported the availability of long-duration financing for the toll-road project. The transaction brought together both banks and institutional investors as part of the refinancing. 

Rothschild & Co. acted as financial adviser to ALiS, while Bankinter, Société Générale and Crédit Agricole Corporate and Investment Bank served as mandated lead arrangers. A&O Shearman acted as legal adviser to AGE. Overall, the transaction represents a long-term refinancing of an existing French road infrastructure asset, rather than the construction of a new road. The financing structure combines bank and institutional debt with Assured Guaranty’s credit enhancement, helping ALiS refinance the A28 while securing debt maturities extending up to 35 years.