BBVA Corporate & Investment Banking has acted as a mandated lead arranger, underwriter and bookrunner on the refinancing of Eiffarie and APRR, who have respectively signed a EUR 1,500,000,000 Term Loan Facility and a EUR 1,800,000,000 Revolving Credit Facility. The Facilities have a tenor of 5 years with two one-year extension options and will be used to refinance Eiffarie's existing EUR 2,764,700,000 Term Loan Facility and APRR's existing EUR 719,500,000 Revolving Credit Facility signed in February 2012.
Apart from BBVA, Eiffarie and APRR were also supported on the Facilities by Banco Santander, The Bank of Tokyo-Mitsubishi, BNP Paribas, Crédit Agricole, Natixis and Société Générale, who acted as Underwriters, Mandated Lead Arrangers and Bookrunners on the financing. Another 11 banks joined at syndication stage.
Robustness of the business model of APRR combined with strong support from the Companies relationship banks led to the Facilities being 25% oversubscribed although the Facilities amount have not be increased. As a result, lenders have been scaled back at all commitment levels.
Eiffarie, which is majority-owned by French construction company Eiffage, is the holding company of APRR, the 4th largest motorway operator in Europe. BBVA is acting as one of the leading banks in the financings of APRR since its privatisation in 2006 and it is also one of the strategic partners of Eiffage.