Lead arranged by Millennium BCP (also initially financial adviser to the Brisa-led Auto Estradas do Douro Litoral consortium), CaixaBI, Royal Bank of Scotland and Banco Santander, the financing reached financial close on 14 January.

Appetite in syndication will be interesting given a ratings downgrade earlier in January from S&P for both Brisa and its financing arm Finance BV - a reflection of the speed and extent of Brisa's recent investment program (notably Northwest Parkway in the U.S.) which will yield limited returns in the short-to-medium term and give Brisa little room to raise more debt.

The variable tenor debt package comprises a €372.5 million 24 year commercial tranche priced at 100bp during years 1-4 (construction), rising to 105bp in year five and then 5bp per year until maturity. The commercial lenders are also guaranteeing a €350 million 24-year EIB tranche, a €285 million equity bridge priced at 50bp and an eight year Eu120 million medium-term tranche also priced at 50bp. A €26 million 13-year liquidity facility has also been put in place.

The project involves building 129km of road of which 76.2km will be tolled.