French motorway PPP refinanced

The refinancing of the A19 motorway PPP in France has been finalised.

Arcour has closed the refinancing of its credit facilities granted in 2008 by a pool of commercial banks.

The Vinci subsidiary signed a concession contract with the French state in March 2005, for 65 years, covering the design, finance, build, and operation of the A19 motorway section between Artenay and Courtenay.

After eight years of operation, Arcour issued a €417m private placement of project bond type, amortizable over 30 years with a fixed rate of 2.817% and subscribed by investors represented by Allianz Global Investors, AXA M – Real Estate, La Banque Postale Asset Management and MEAG Munich Ergo Asset Management.

Concurrently, the €191m loan granted by the European Investment Bank in 2008 has been maintained, and its amortization profile and maturity were lengthened to be aligned with those of the new bond.

The French developer said: “Thanks to this very long-term refinancing, Arcour improves its financial structure on a sustainable basis.”