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Eiffage announces the refinancing of the Eiffarie–APRR group

19.02.2015

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Together with its subsidiary APRR (Autoroutes Paris-Rhin-Rhône), Eiffarie, a company owned by Eiffage and Macquarie managed funds, has successfully refinanced the credit facilities contracted in 2012 and originally raised for the acquisition of the APRR group, which were due to expire in February 2017.

The transaction, for a total amount of €3.3 billion, has been signed on February 19th 2015 and comprises two new credit facilities with the following characteristics:

  1. a revolving credit facility (RCF) for APRR in an amount of €1.8 billion, with a five-year term (plus 2 possible extensions of one year each) and an interest rate of Euribor +45 bps, representing a division by 3 of the previous RCF margin. This new RCF increases APRR liquidity by €1.1 billion by replacing the current and undrawn one of 0.7 billion;

  2. a term loan for Eiffarie in an initial amount of €1.5 billion, with a five-year term (plus 2 possible extensions of one year each) and an interest rate of Euribor +100 bps, representing a division by 3 of the previous term loan opening margin. This new credit facility will be progressively amortised with a fixed back ended schedule of €100 million per year an average with the remaining balance repaid on expiry. 

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