Meridiam has completed Spainβs first public private partnership (PPP) using debt capital markets exclusively.
The French infrastructure manager said it has refinanced the A66 Benavente-Zamora PPP using Spainβs new alternative fixed income market, known as MARF, without any credit enhancement.
Meridiam, Acciona and Cintra placed the β¬184.5m, 27-year bond on May 12th.
The bond issuer Sociedad Concesionaria Autovia de la Plata, is 50% owned by Meridiam, while Acciona and Cintra hold 25% interests each.
The original β¬160.5m, 21-year senior debt facility was established in 2013 by commercial lenders BBVA, Santander and Instituto de CrΓ©dito Oficial and the European Investment Bank.
The Greenfield 49km section of road opened to the public this month, ahead of schedule, completing the north-south axis Ruta de le Plata from Seville to Gijon.
βThis is Spainβs first debt capital market financed P3 and is also Meridiamβs first project in Spain,β said Thierry DΓ©au, founder and CEO of Meridiam.
βWeβve been confident in the creditworthiness of Spain even during the most complex episodes of the crisis.β
