Cofiroute successfully issues a €750 million bond at 10 years
5 October 2017 - 8:45 am - Finances - France
VINCI announces the successful placement by its subsidiary COFIROUTE of a €750 million bond issue, maturing in October 2027 with an annual coupon of 1.125%.
The issue was around 2,5 times oversubscribed, 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 very good 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 CA-CIB, BBVA, HSBC, MUFG and UNICREDIT.
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 and contracting, employing close to 195,000 people in some 100 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, above and beyond economic and financial results, we are committed to operating in an environmentally and socially responsible 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. VINCI’s goal is to create long-term value for its customers, shareholders, employees, and partners and for society at large.