Linklaters and CMS advise on €96m financing guaranteed by Assured Guaranty for the A-127 motorway project in Aragón
Linklaters and CMS Albiñana & Suárez de Lezo have advised on the €96 million financing for the motorway contract in Aragón, Spain, awarded to Acciona and Papsa. The project consists of the construction, management and maintenance of the motorway section between Gallur and Ejea de los Caballeros.
Bankinter, Kutxabank and Unicaja, as lenders, and Assured Guaranty (Europe) as financial guarantor, on the €96 million financing for the motorway contract in Aragón, Spain, awarded to Acciona and Papsa. The project consists of the construction, management and maintenance of the motorway section between Gallur and Ejea de los Caballeros.
The transaction was backed by Assured Guaranty (Europe), an indirect subsidiary of Assured Guaranty, as guarantor of principal and interest payments, with Bankinter, Kutxabank and Unicaja Banco participating as financing entities. Bankinter also acts as agent bank. The structure used optimises both financial costs and terms, consolidating the transaction as a benchmark within the concession sector.
This project is part of the Aragon Government’s Extraordinary Road Investment Plan and includes the duplication of 24 km of road between Tauste and Ejea de los Caballeros, as well as the comprehensive renovation of 14 km between Tauste and Gallur.
Advisors
Linklaters has advised Bankinter, Kutxabank and Unicaja, as lenders, and Assured Guaranty (Europe) as financial guarantor. The team was jointly led by Madrid (Begoña Martínez) and the United Kingdom (Tom Quoroll). Other team members include Emma Lance (senior associate, Capital Markets), Cristina Muíño Palomar (senior associate, Banking), Rocío Beotas González-Sicilia (senior associate, Public Law and Regulated Sectors) and Jaime Pelegrí Souviron (associate, Banking).
CMS Albiñana & Suárez de Lezo has advised Acciona Concesiones.The advisory team was led by Rafael Suárez de Lezo, alongside the Banking & Finance team comprising Alberto Mata Rodríguez (partner), Borja Vázquez (counsel), and Sol Cruz-Conde (associate).
