Linklaters guides Abertis´ €1.25bn hybrid bonds issuance

Linklaters has advised Spain´s infrastructure corporation Abertis on its first issue of hybrid bonds for €1.25 billion

Abertis Infraestructuras has successfully issued €1.25 billion hybrid bonds. This new issuance, that has been sold among international qualified investors, has a perpetual maturity and a 3.25 per cent interest rate. It is Abertis’ first issue of hybrid debt instruments. The funds will be used to refinance existing debt maturities.

This issue is part of the new financial policy recently announced by the company, which includes a program to issue hybrid bonds in the medium term for a total of €2 billion. This new financial policy is designed to provide additional headroom for Abertis to protect current rating levels and continue the process of growing the perimeter of the company, with deals such as the recent acquisition of Elizabeth River Crossings (United States).

This is Abertis Infraestructuras’ third issue in the capital markets and the Group’s fifth this year. Abertis Infraestructuras issued a €900 million 9-year bond last June and a €600 million 8-year bond in February. In total, the Abertis Group has carried out refinancing deals for €3.95 billion in 2020. Abertis Infraestructuras has a solid liquidity position of more than €5 billion and does not have significant debt maturities until 2023.

On the other hand, Clifford Chance has advised BNP Paribas and other banks (dealer managers) on the deal. The law firm acted with a multijurisdictional team led from Madrid by the English law partner and specialist in Capital Markets, Antonio Henriquez, who worked closely with partners Yolanda Azanza, also from the Madrid office and a specialist in Capital Markets, in connection with Spanish law matters, and Jurgen van der Meer, from the Amsterdam office, in connection with Dutch law matters. They were supported on: English law matters by Irene Mainar and Mariana Ceballos, from the Madrid Capital Markets group; Spanish law matters by Francisco Pizarro also from the Madrid Capital Markets group; and Roberto Grau as to matters of Spanish tax law; and as to Dutch law and Dutch tax matters by Hugo van der Molen, Tineke Kothe, Nolan Groenland and Robin Houtveen.

Linklaters guides Abertis´ €1.25bn hybrid bonds issuance

Desire Vidal

iberianlawyer.com

Iberian Lawyer, is a monthly digital magazine, published by LC Publishing, available in Spanish and English. It represents the main source of information in the legal business sector in Spain and Portugal. The digital magazine – and its portal – address to the protagonists of law firms and in-house lawyers. The magazine is available for free on the website and on Google Play and App Store.

In every issue of the magazine, you will find rankings of lawyers, special report on trends, interviews, information about deals and their advisors.

For further information, please visit the Group’s website www.lcpublishinggroup.com

Iberian Legal Group, S.L.
Registered office: C/ Ríos Rosas 44A - 2 G,H 28003 Madrid España

Copyright 2023 © All rights Reserved. Design by Origami Creative Studio

SHARE

Share on linkedin
Share on twitter
Share on facebook
Share on whatsapp
Share on email
Share on telegram