COMSA Corporación is pleased to announce the successful completion of its 719 million Euros debt refinancing process

COMSA has successfully closed the restructuring process of its corporate debt for a total amount of 719 million of Euros. The refinancing agreement includes a four years and a half syndicated loan due the 30th of June 2021, and in which eight financial institutions have participated: Santander, CaixaBank, Bankia, Banc de Sabadell, BBVA, Popular, Bankinter and Unicaja.

The agreement is based on the 2017-2020 Strategic Plan of the Group, which expects to concentrate its activity in the infrastructure and engineering industry with special focus in the railway sector. It is expected that within this period the consolidated turnover of the Infrastructures and Engineering Business will increase slightly over 1,400 million Euros at the end of the 2020 financial year in comparison to the estimated 950 million Euros by 2016.

COMSA has renewed its efforts to reinforce its infrastructure and engineering activity in international markets, which expects to represent the 70% of the Group sales by 2020 instead of the 49% projected in 2016.

The refinanced 719 million Euros comprises a convertible debt of 250 million Euros for the 50% capital of the company by 2021. The shareholders have a call option over that 50%, executable in 2021 under certain conditions.

The refinancing agreement also estimates the repayment of a part of the debt with the capital obtained from the disinvestment of the Group due December 2020. It is predicted that the total amount of the disinvestments will rise up to 200 million Euros, excluding the latest disinvestments related to Aritex and CLD.

The disinvestments refer to all those companies that do not belong to the Infrastructure and Engineering Area of the Corporation, with a due date for divestment ended the 30th of December 2020. The assets remain owned by COMSA Corporación and the process of disinvestment will be handled and operated by the company, with or without external actors depending on each case.

COMSA Corporación’s shareholders have remained unchanged, with the current partners and the same percentages. The largest shareholder is the Miarnau family with a 70% of the shares, while the remaining 30% of the shares belongs to the Sumarroca family.

In its refinancing process, COMSA Corporación was assisted with the financial advice of PWC and the legal advice of the law firm Cuatrecasas.

COMSA Corporación ha cerrado con éxito el proceso de refinanciación de su deuda bancaria por valor de 719 M€

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