LISEA, the concession company for the South Europe Atlantic high-speed line, has announced that it has completed the refinancing of its debt for an amount of EUR2.2 billion (US$2.5 billion).

This refinancing is comprised of a EUR1.3 billion (US$1.48 billion) bank loan with a record maturity of 27 years and two tranches of fixed-rate debt totaling EUR905 million (US$1.03 billion) with maturities of 30 and 35 years and placed with institutional investors. These maturities are unprecedented in the French debt market, confirming the interest and depth of the credit market for the infrastructure sector.

The financing for the project initially provided by the Caisse d'Dépôts-Banque du Dépôts Savings Banks Department and the European Investment Bank remain in place, based on their initial maturity of 32 years.

LISEA was advised on this transaction by HSBC and Rothschild & Co as financial advisers and Clifford Chance as legal counsel.

Societe Generale acted as global coordinator and arranger on the refinancing operation, along with four other arranging banks, CACIB, BBVA, BNP Paribas and SMBC.