Cofiroute successfully issues a €1.3 billion bond in two tranches of €650 million each, at 8.5 and 12 years
1 September 2016 - 8:00 am - Finances - France
VINCI announces the successful placement by its subsidiary COFIROUTE of a €1.3 billion bond issue, equally divided between a bond issue maturing in February 2025 with an annual coupon of 0.375% and a bond issue maturing in September 2028 with a 0.75% coupon.
The issue was around 2,5 times oversubscribed, thus confirming investor confidence in the company’s credit quality, rated A- by Standard & Poor’s, with stable outlook.
The issue, part of the EMTN programme, is intended to refinance COFIROUTE’s general purposes. It enables the company to take advantage of excellent market conditions to continue to optimise the cost of its debt and lengthen its average debt maturity.
The joint book-runners of this transaction were BNP Paribas (Global coordinator), SG CIB (Global coordinator), BBVA, Commerzbank, MUFG and RBS.
COFIROUTE is one of the leading operators of the French motorway network under concession. Its 1,100km inter-city network serves the Western and Southern regions of France starting from the Greater Paris area, through the A10, A11, A71, A81, A28 and A85 motorways. The company also operates the 10km long A86 DUPLEX, which connects Rueil-Malmaison and Versailles in the innermost suburbs of Paris. Since its creation in 1970, COFIROUTE, partner of the French State (the grantor) has emerged as a key player in sustainable mobility supporting urban development, security and quality of service. COFIROUTE welcomes close to 400,000 users every day on its network, its 46 service areas and its 69 rest areas.
VINCI is a global player in concessions, energy and construction businesses, employing more than 260,000 people in nearly 120 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, we are committed to operating in an environmentally, socially responsible and ethical manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. Based on that approach, VINCI’s ambition is to create long-term value for its customers, shareholders, employees, partners and society in general.