SIS consortium (Sacyr, 49%; Fininc, 51%) has successfully issued a €518 million bond to finance the Italian A3 (Naples-Pompei-Salerno) highway P3.
JP Morgan and Santander were the bookrunners for this placement, that will reach maturity in 2045 and has a BBB rating from the rating agency Fitch. To finance this P3, the consortium also has a bank debt of €90 million subscribed with Banco BPM.
This P3 project has a concession period of 25 years and an expected backlog of €2.7 billion. The project mitigates demand risk thanks to a mechanism that offsets variations in traffic revenue through rates.
This project includes the execution of construction works for €390 million to modernize and improve the safety of several sections of the highway and to carry out the operation and maintenance of the road.
The highway has an average daily traffic (ADT) of nearly 90,000 vehicles and a total 1.69 million annual VKT (vehicles-kilometers traveled).
The highway extends 52 km from Naples to Salerno. The A3 has been an instrumental infrastructure to southern Naples, as it connects the Vesuvius coast with the ports of Naples and Salerno to the rest of the region’s highways.