BBVA Acts as Sole Financial Advisor of Abertis and Leads the Financing of the Privatization of the Cadí and Vallvidriera Tunnels’


WEBWIRE – Friday, December 28, 2012

Corporate Finance and Project Finance Deal Announcement

-Abertis and BTG Pactual completed today the acquisition of the operating agreement for Cadí and Vallvidriera Tunnels, privatized by the Generalitat de Catalonia for a period of 25 years
-The agreed fee amounts to 430 million euros, of which 310 million have been made effective today at the signing of the operation
-The award of the concession, announced on December 5, was subject to the closing of the financing before December 31

BBVA acts as sole financial advisor of Abertis and has led the financing of the transaction whereby the consortium of infrastructure management company and Brazilian bank BTG Pactual completed today the acquisition of the operating agreement of Cadí and Vallvidriera Tunnels, privatized by the Generalitat of Catalonia, for a period of 25 years.

With the signing of the Financing transaction, today was completed the concession for a period of 25 years for the operation of tunnels of Cadí and Vallvidriera. These assets represent the main connection between the central region of Catalonia and the Pyrenees (Cadi Tunnel) as well as between Barcelona and major inland cities (Túnels Vallvidrera). The two concessions, total 41 kilometers, including 10 kilometers of tunnels.

The consortium was awarded the concession on 5 December, after months of bidding. Closing the financing before December 31, 2012 was a necessary condition to close the deal. Therefore it has been necessary the creation of a concession company and the funding of the fee by the consortium and the banks financing the operation.

The concessionaire will have to Abertis as a minority partner with 35%, but it will be the company acting as operation and maintenance of assets as an industrial partner. The remaining 65% will be held by BTG Pactual.

The fee agreed with the Government amounted to 430 million euros, of which 310 million euros were paid at closing of the transaction.

BBVA Cororate Finance has acted as financial advisor of Abertis and BBVA Project Finance as advisor and Mandated Lead Arranger of the financing, which was signed by 4 additional banks.

About BBVA

BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, it is the largest financial institution in Mexico and it has leading franchises in South America and the Sunbelt Region of the United States. Its diversified business is biased to high-growth markets and it relies on technology as a key sustainable competitive advantage. BBVA ranks among the leading Euro zone banks in terms of ROE and efficiency. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. The Group is present in the main sustainability indexes.



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