Alis strengthens its financial structure by achieving a market first: the early redemption of a wrapped bond and its refinancing by the issue of non-wrapped, non-recourse bonds, totalling EUR 900m.
Alis has successfully issued EUR 900m bonds (EUR 857.5m at a fixed rate of
2.485%, amortising to 2046, and EUR 42.5m French CPI linked, maturing
2032). The bonds are rated Baa2 by Moody's.
These new bonds have refinanced the existing debt which comprised 3 tranches of wrapped French CPI linked bonds maturing in 2017, 2027 and 2032, and 2 tranches of mezzanine debt.
Improving the sustainability of Alis’ financial structure
Given the economic performance of Alis since its commissioning in October 2005 and the present favourable market conditions, Alis and its shareholders, with the support of its advisors, decided to redeem its current debt and issue new bonds.
The new debt profile better suits the duration of the concession and its cash flow generation, thereby strengthening its financial robustness thanks to a significant extension of the maturity of its funding and the partial use of an amortising rather than bullet structure.
Objectives of the refinancing
The refinancing had 3 goals:
Shareholders of Alis:
Shareholders are entities managed by PGGM (33.17%), Mirova Core Infrastructure Fund (MCIF) (26%), Aberdeen Infrastructure Partners (13.6%), Sanef (11,67%), SAPN (8%) and Egis (8%).
HSBC and Deutsche Bank
Alis - Clifford Chance, bond holders - White & Case
Alis (société de l’Autoroute de Liaison Seine-Sarthe) Concessionaire of the A28 Motorway Rouen / Alençon – 125 km
Financial Closing: 28th June 2002
Commissioning: 27th October 2005
Concession Duration: until 31st December 2067
A28 motorway Rouen / Alençon was conceived and financed following Alis successfully winning a competitive tender which was launched by the French State prior to the millennium.
Arnaud Hary CEO – +33 2 32 20 21 81
contact [@] alis-sa [.] com