BBVA advises Vauban on Cedinsa’s refinancing

BBVA has acted as sole financial advisor to Vauban Infrastructure Partners, an investment manager specialising in infrastructure, in the EUR 375 million refinancing of Cedinsa, a road infrastructure concession company in Catalonia. BBVA has also participated in the transaction as Senior Lender, Sole Contingent Hedge Provider and Global Hedge Coordinator.

BBVA Corporate & Investment Banking (CIB) has supported Vauban Infrastructure Partners throughout Cedinsa’s refinancing process, playing a key role in coordinating the transaction and negotiating its financial terms. In addition to its role as financial advisor, BBVA has participated as Senior Lender, joining the lending pool that provided the financing.

Cedinsa owns a portfolio of three shadow toll roads (C-16, C-17 and C-35), totalling 115.7 kilometres, as well as Cedinsa Conservació (Ceconsa), its operations and maintenance company. These roads play an important role in connecting the provinces of Barcelona and Girona.

The EUR 375 million refinancing has been structured through three facilities: a long-term floating-rate facility, a Debt Service Reserve Facility (DSRF) and a letter of credit facility. The financing matures in June 2038.

"This transaction reinforces Cedinsa’s long-term financial foundations and supports the continued development of a critical component of Catalonia’s transport network. It also illustrates Vauban Infrastructure Partners’ active and disciplined approach to infrastructure investment, leveraging our asset management expertise to deliver sustainable, long-term value for our investors," said Gwenola Chambon, CEO and founding partner of Vauban Infrastructure Partners.

"This refinancing demonstrates our ability to align multiple stakeholders through a complex first-of-its-kind financing in Spain. We believe this transaction has delivered an outstanding outcome for all the parties involved, including Cedinsa, Vauban, the lenders and the grantor," said Gaizka Santamaría, Managing Director - Global Debt Advisory at BBVA.

For BBVA, the transaction marks the 7th PPP concession refinancing advised in Spain over the past six years, further reinforcing its leading advisory franchise in the region. The transaction also represents a landmark milestone as the first non-recourse portfolio financing in the country involving multiple PPP road assets.