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Globalvía and Itinere Infraestructuras close financing for Autopistas del Sol, in Costa Rica

21/12/2007

Globalvía and Itinere Infraestructuras close financing for Autopistas del Sol, in Costa Rica

Toll road company Autopistas del Sol, owned 35% by Globalvía (a subsidiary of FCC Construcción and Caja Madrid), 35% by Itinere Infraestructuras (the Sacyr Vallehermoso group's infrastructure subsidiary), 13% by M&S DI-MS Desarrollos Internacionales, and 17% by Soares da Costa, has completed a financing agreement for the construction of a toll road between the cities of Caldera and San José, in Costa Rica.

The Central American Bank for Economic Integration (BCIE) and Caja Madrid, with the support of Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, lead-managed the 247-million-dollar syndicated loan, which has a maximum lifetime of 20 years. Present at the signature was Costa Rica's Deputy Minister for Concessions, Luis Diego Vargas, representing the Consejo Nacional de Concesiones (CNC).

The road will be 76.8 kilometres long and the concession period is 25 years. The investment is expected to amount to 330 million dollars. The road will provide a direct route, shortening the journey from the port of Caldera (which handles 40% of Costa Rica's imports) to the capital city, San José. Construction will commence in January and will proceed in three stages: San José-Ciudad Colón, Ciudad Colón-Orotina and Orotina-Caldera.

Tolls, which will be collected in Costa Rica colones, are referenced to the US dollar and will be revised every three months on the basis of the colon/dollar exchange rate; accordingly, the concession holders have a hedge against any depreciation by the colon. Moreover, the Government of Costa Rica has provided a minimum revenue guarantee for the first 17.5 years of operation.

This consortium already has another toll road under construction in Costa Rica: Autopistas del Valle, which will connect San José to San Ramón along the country's most heavily-travelled route, providing access also to San José International Airport. That road will be 60 kilometres long and the concession is for 25 years.

Globalvía is a company owned 50% each by FCC and CAJAMADRID whose object is to develop and operate infrastructure. The new company has 37 infrastructure concessions (toll roads, railways and metro lines, ports, airports and public buildings). It ranks fifth worldwide in the league table of infrastructure concession companies published by Public Works Financing magazine. Globalvía pursues a strategy of expansion in terms of both regions and businesses, through brownfield and greenfield concessions.