Press Release

AUNOR issues €54 million in project bonds

27 April, 2016

Third project bond issue on MARF

The Mercado Alternativo de Renta Fija (MARF) has registered a project bond issue by AUNOR earmarked for the refinancing of the Autovía Noroeste motorway in Murcia -RM15- which the company operates through a concession.

The bonds have an annual coupon of 4.75%, payable semiannually, an individual nominal value of 100,000 euros and a principal amortisation schedule that streches up to its maturity date, on 30 June 2025. The issue has a pledge-based secured structure in favour of bondholders over the credit rights from the concession contract, bank accounts, credit rights from insurance contracts and the shares of the issuing company.

Bankia is acting as Global Coordinator and Bookrunner for the bonds and Deloitte Advisory as Registered Advisor in MARF. The issue has received a BB+ rating with stable outlook from Standard & Poors.

Aunor operates the administrative concession granted in 1998 by the Autonomous Region of Murcia for the development and maintenance until June 2028 of a stretch of 64.2 kilometers of the RM15 motorway between Caravaca de la Cruz and Alcantarilla. This concession operates under a shadow toll regime, whereby the owner of the concession receives a payment from the Autonomous Region linked to traffic of vehicles in the motorway.

Aunor is 100% owned by Autovías de Peaje en Sombra, a company which in turn is 51% owned by Sacyr Concesiones and 49% owned by the British fund EISER Infrastructure Limited.

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