ACS and Atlantia design a financing of 10,000 million for their joint takeover by Abertis

Bankia, Santander, BBVA, and CaixaBank participate in the ‘multitudinous’ operation of more than thirty banks

ACS and Atlantia have finalized the design of the financing of their joint takeover bid for Abertis, which will be implemented through a syndicated loan with some 30 banks amounting to some 10,000 million euros, according to Europa Press reported sources in the sector.

It is one of the largest corporate loans that will be subscribed in history, after which each of the companies had unilaterally agreed to the ‘battle’ that was open to the group of concessions.

After leaving aside this bid and agreeing to be together with Abertis, the group presided by Florentino PĂ©rez and the company controlled by the Benetton family have also restructured and unified the financing of the operation.

ACS and Atlantia have wanted all the banks

That already supported them in the ‘war’ of takeovers to participate in the new financial structure.

Therefore, the loan of the joint offer will thus have a concurrence of some thirty entities among which four Spanish banks appear. These are Santander, Bankia, BBVA and CaixaBank.

The financing agreement will be signed by the joint venture that Atlantia, ACS, and Hochtief will set up to take over and manage Abertis once they take over 100% of this toll road company through the OPA and exclude it from the stock market.

The two groups have already agreed to provide capital for between 7,000 and 8,000 million euros to this company, so it will require the aforementioned additional financing of 10,000 million euros to undertake the purchase of Abertis, given that the operation is estimated at 18,181 million.

By virtue of their joint bid, ACS and Atlantia offer 18.36 euros for each share of the group of concessions, an amount that they will pay in full in cash.

AMORTIZATION WITH BONDS AND DISINVESTMENTS.

As for the loan of 10,000 million that will be requested from the banks, it will be structured in two tranches. One of them, about 7,000 million, will be signed in the short term, and a second of 3,000 million, with long-term maturity, according to the Prensa Europa news agency.

ACS and Atlantia plan to pay the first of the credit tranches by going to the capital market with bond issues and also with the resources they obtain from selling assets.

This is the case of the 1,489 million euros that will be achieved with the sale of 29.9% of Cellnex, subsidiary of mobile telephone antennas of Abertis. Atlantia has already accepted the purchase option that was given in the agreement to take this participation, which, however, will immediately sell to the Benetton family.

Likewise, the sale to REE of the controlling stake of 57.05% that Abertis has in the satellite operator Hispasat will report another 656 million euros.

At present, the financing structure of the operation is pending to specify the amount of the loan http://heiniseppa.com/what-you-should-know-before-you-think-about-consolidating-your-debt-with-a-mortgage that each of the banks will provide, according to said sources.

In addition to shaping the design of this financing, ACS and Atlantia are pending that the National Securities Market Commission (CNMV) approve the amendment submitted to the OPA that Hochtief launched by Abertis to convert it into the joint OPA.

Subsequently, the members of the motorway group will be able to decide whether to accept the offer until April 18, although the supervisor has already suggested that this acceptance period will be extended.

With their agreement to jointly buy Abertis, ACS and Atlantia intend to form a “world leader” of construction and exploitation of large infrastructures, a group with which to compete for a portfolio of projects valued at around 200,000 million euros in markets considered strategic, like the United States, Australia, and Europe.