He Dutch pension fund APGowner of Itínere, intends to bring in a partner in the capital of the Spanish highway group with a minority stake. According to the sources consulted, APG is in negotiations with the Swiss insurer Swiss Life. Contacts between both firms actually began at the beginning of 2023, as reported by elEconomista.es, and have now accelerated after APG has taken almost total control of the company by acquiring Globalvia’s stake.
The Netherlands fund plans to incorporate a partner in Itínere while working on the refinancing of the concessionaire’s debt, which faces the maturity of a large part of its liabilities in October 2025.
APG and Swiss Life would strengthen their relationship with Itínere, since they are already partners in Brisa, the largest toll road operator in Portugal. Specifically, both firms acquired, together with the National Pension Service of Korea (NPS), 81.1% of the Portuguese concessionaire from Arcus and the José Mello group in 2020, valuing the company at 3,000 million euros.
APG has almost total control of Itínere’s capital (there are still other minority investors such as Corsair, directors and minimal treasury stock in its shareholders). Last October it completed the acquisition of almost 40% held by Globalvia. The operation resolved all pending litigation faced by the company led by Javier Pérez Fortea due to its participation in Itínere.
The investment that Globalvia made between 2018 and 2020 to take its stake in Itínere, in different acquisitions, exceeded 520 million euros, with a company value of 1,300 million euros. The recently agreed sale to APG values Itínere at 1.9 billion euros. This implies that the amount of the transaction would reach 760 million euros. This valuation serves as a reference for the eventual entry of a minority partner into the concessionaire.
Itínere is, after Abertis, the largest private operator of toll highways in Spain. It participates in five concessions that operate a total of 524.8 kilometers in length on six roads located in the north of Spain. In three of them it controls 100%: Audasa (AP-9 Ferrol-Tui), Aucalsa (AP-66. León-Campomanes) and Autoestradas de Galicia (AG-55 Coruña-Carballo and AG-57 Puxeiros-Val Miñor); in one 50%, Audenasa (AP-15 Tudela-Irurzun); and in one 18.36%, Acega (AP-53 Santiago de Compostela-Alto de Santo Domingo). The group also has a concession contract for the management of the operation, maintenance and conservation of Gesbisa (AP-8 El Gallo-Urgoiti and Ermua).
Likewise, it has entered new related markets, such as the electronic toll sector, with its 25% stake in Bip & Drive, and the all-payment machine business for tolls.
In 2023, Itínere reached revenues of 303 million euros, 11.8% more than the 271 million in 2022. The average daily intensity (ADI) of all toll highways operated by their subsidiary concessionaires in the last financial year was 19,691 vehicleswhich represented an increase in traffic of 3.2% in relation to the 19,080 vehicles registered in 2022 (+3.5% light and +1% heavy). The firm has already recovered business levels prior to the Covid-19 pandemic.
The company chaired by Juan María Nin obtained a gross operating result (ebitda) of 242 million euros in 2023, 14.7% more than 211 million in 2022. Meanwhile, the net profit contracted from 18.59 million to 4.29 million in the last year.
Itínere closed 2023 with a gross financial debt of 2,322 million euroswith an average rate of 4.89%. The debt with credit institutions amounted to 1,387.8 million, while there were 710.9 million in non-convertible obligations and 58.3 million in convertible obligations.
The concessionaire is now facing the refinancing of a very relevant part of its bank loans, for a combined amount of more than 900 million euros. The maturity of this debt is set for October 2025. These are three loans granted to Itínere and Enaitinere by several entities including Santander, CaixaBank, Sabadell, BNP and Société Générale.
Specifically, Itínere has a loan, at the end of 2023, of 490 million euros (the amount set in the 2016 refinancing was 571 million) with a syndicate of banks that has an interest of 2.5% plus Euribor at six months.
Meanwhile, Enaitinere has two loans that total a nominal value of nearly 440 million. The so-called Tranche A exceeds 140 million (760 million after the 2016 novation), with a rate of 2% plus six-month Euribor. Meanwhile, Tranche B has a balance of 296.8 million (at the end of 2023), with an interest of 2.25% referenced to six-month Euribor. This financing, for 300 million, was added to the syndicate in 2021 to early repay the bilateral loan that it had signed with AustralianSuper in February 2016 within the framework of the refinancing of the bulk of its debt and which accrued a fixed rate of 6.5%.
For its part, the non-convertible bonds correspond to Audasa and it has recently refinanced a portion through a new credit facility for almost 100 million. An issue of 63 million expires in 2025. Besides, The maturity of the convertible bonds for 58.3 million is set in October of next year.
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