Dentons Spain has advised the financial institutions in the refinancing of a Globalvia-controlled motorway concession known as AP-53, a 56.6 Km long motorway which links Alto de Santo Domingo (Orense) and Santiago de Compostela, in the northwest region of Spain called Galicia. The operation was closed in Madrid last Friday, November 25th.

Autopista Central Gallega (ACEGA) refinanced EUR 175m banking debt through a private-placement of notes and a senior bank debt facility. The new financing was provided by a mix of Spanish and international banks and international institutional investors. It has an 8-year tenor and bullet transaction split into two tranches: a EUR 100m tranche structured as a fixed-price bond (tranche A), and a EUR 75m tranche structured as a floating rate, partially hedged (tranche B).

With this refinancing, ACEGA increases its financial indebtedness and consolidates the improvement of the evolution of traffic and the management of the asset, obtaining plenty of time to consolidate a key infrastructure that connects by road Galicia and the rest of Spain. The concession was awarded in 1999 and has a 75-year duration.

Globalvia owns 61.4% of the concessionaire, whilst Abanca Corporación Industrial owns 20.2 % and Itínere Infraestructuras maintains a 18.4% stake. The concession was awarded in 1999 and has a 75-year duration.

The Dentons team was led by partner Jabier Badiola and senior associate Luis Belart.

About Dentons

Dentons is the world's largest law firm, delivering quality and value to clients around the globe. Dentons is a leader on the Acritas Global Elite Brand Index, a BTI Client Service 30 Award winner and recognized by prominent business and legal publications for its innovations in client service, including founding Nextlaw Labs and the Nextlaw Global Referral Network. Dentons' polycentric approach and world-class talent challenge the status quo to advance client interests in the communities in which we live and work. www.dentons.com.

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