Orrick Advises Spanish Toll Road Concession Company on Debt Refinancing

October.16.2018

Orrick advised Autopista del Guadalmedina, Concesionaria Española, S.A. (the “Company”) on all English law aspects relating to the refinancing of its existing debt totalling €229 million through the issuance of (i) Senior Bonds with an aggregate principal amount of €196 million and a 3.7% fixed coupon which are due on December 31, 2041; and (ii) Junior Bonds with an aggregate principal amount of €33,000,000 and a 6.25% fixed coupon which are due on December 31, 2029 (the “Refinancing”). The long-term, non-recourse senior debt tranche was provided by MEAG Munich ERGO Asset Management GmbH and Ärtzeversorgung Westfalen-Lippe and the junior debt tranche was provided by Kommunalkredit Austria AG.

The Company holds the 30-year concession for the design, build, operation, finance and maintenance of the AP-46 Autopista de las Pedrizas, a 28 km toll-road between Alto de Las Pedrizas and El Puerto de la Torre in Andalusia, which forms part of the main highway connecting Malaga to Madrid (the “Project”). The equity sponsors of the Project are Sacyr Concesiones, S.L.U. (40%), Unicaja Banco, S.A.U. (30%) and Abanca Corporación Industrial y Empresarial, S.L. (30%). Rubicon Infrastructure Advisors and Banco Santander acted as exclusive financial advisors on the Refinancing. Pérez-Llorca advised the Company on all Spanish law aspects relating to the Refinancing.
 
The Orrick team was led by London-based partner Paul Doris and included partner Nell Scott and associate Siddharth Fresa.