SIS consortium issues €518 million in bonds to finance the A3 Naples-Salerno P3 (Italy)

  • SIS completes the financing of this infrastructure with the issuance of bonds and a bank loan for €90 million.
  • The highway foresees a revenue portfolio of €2.7 billion over the 25-year concession period and requires an investment of €390 million.

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.

Growth in Italy

Italy is a priority market for Sacyr within the framework of its 2021-2025 Strategic Plan. This is SIS’s second P3 in Italy, where it already has a portfolio of concession assets of more than €17 billion.

Some of the consortium’s most important projects in Italy are the Pedemontana-Veneta highway, located in the northeast of the country. This 162-km road, which has a construction investment of close to €2.6 billion is expected to be fully operational this year.

In addition, the SIS Consortium has awarded the A21 Turin-Alessandria-Piacenza and A5 Turin-Ivrea-Quincinetto highway segments already in operation, as well as the connecting highway A4/A5 Ivrea-Santhià and Turin’s Beltway Highways System (Satt) and the Turin-Pinerolo segment, which total 320 km.

These will generate a revenue portfolio of €2.9 billion and will require an investment of €800 million in improvements.

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