News
Press release

08/05/2016

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:

  • - redemption of the existing wrapped bonds due July 2017 to July 2032, and its refinancing with longer duration debt, until 2046;
  • - reduction in funding cost, given forecast lower short and longer term interest rates;
  • - reinforcement of Alis’ credit standing, by the removal of an element of existing refinancing risk.

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%).

Financial advisors:
HSBC and Deutsche Bank

Legal advisors:
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.

Press Contact
Arnaud Hary CEO – +33 2 32 20 21 81
contact [@] alis-sa [.] com
www.alis-sa.com