Macquarie Asset Management has provided some €60 million ($68 million) of debt financing to a consortium that operates the AG-31 road in northern Spain.
The 19-kilometer (12-mile) high-capacity dual carriageway links the town of Celanova and the provincial capital Ourense via the A-52 motorway. The road has been operational since 2013 under a concession granted to COPASA and Extraco, which is valid until 2040.
Macquarie said its institutional clients are the sole lenders in the financing, which provided a debt solution consisting of a term loan and a debt-service reserve facility.
“The AG-31 road has recovered well through the COVID-19 pandemic and faster than many other roads due to the essential nature of the route,” said Tom van Rijsewijk, a managing director at Macquarie. “Its strong operating history and transparent concession agreement make this long-term debt solution well-aligned with our investors’ interests.”
