VIARIO A31 Issues 10-Year Bonds On MARF - It Is The Issue With The Longest Maturity So Far And The First Project Bond On The Market

MARF has admitted to trading a €47 million senior secured bond issue launched by VIARIO A31, with a nominal value per unit of €100,000, a 5% annual coupon and maturity date on 25^th November 2024.

The issue features a facility for early repayment of the principal whereby the bonds´ nominal value is gradually reduced on each coupon payment date according to a plan previously known and established on the payment date.

The Axesor rating agency has granted the issuer a BBB rating with stable outlook.

The issue – which is the first Project Bond on MARF - has been privately distributed among Spanish and foreign qualified investors by Arcano Valores AV, which acts both as Sole Bookrunner and MARF Registered Advisor. J&A Garrigues has been the Legal Advisor to VIARIO A31.

VIARIO A31, S.A´s sole corporate purpose is the execution of the concession agreement for the conservation and operation of the Bonete-Alicante section of the A31 highway. The remuneration derived from this project is through a “shadow toll”, whereby the remuneration paid by the Spanish Ministry of Development is based on the use of the infrastructure by the users. The concession was awarded in 2007 and its duration is 19 years, until 2026.