Eix Diagonal Refinances Debt with DLA Piper's Guidance
Deal News | Mar 14, 2025 | Iberian Lawyer
DLA Piper has played a pivotal role in advising on the refinancing of Eix Diagonal, the largest concession in Federated Hermes Infrastructure and Iridium Concesiones de Infraestructuras (ACS Group)'s shadow toll road portfolio in Spain. The Eix Diagonal, a 65 km stretch in the province of Barcelona, connects Costa Dorada with the center of Catalonia. The concession, operational since December 2011, recently completed a significant expansion project designed to enhance capacity and alleviate congestion. The refinancing, exceeding €288 million, was accomplished via long-term bank financing, which was employed to settle the existing debt. The transaction was spearheaded by Federated Hermes Infrastructure and Iridium Concesiones de Infraestructuras, with BBVA acting as a financial advisor. The DLA Piper team, led by partners and seasoned legal professionals, provided comprehensive advisory throughout the refinancing process.
Sectors
- Infrastructure
- Legal Advisory
- Financial Services
Geography
- Spain – The refinancing and operations discussed in the article concern the Eix Diagonal, a toll road concession located in Barcelona, Spain.
Industry
- Infrastructure – Involves the development and upkeep of foundational services and facilities essential for economic activity, relevant as Eix Diagonal is a major infrastructural project.
- Legal Advisory – Refers to providing expert legal advice and services. DLA Piper's role in advising on the refinancing is a key element of the article.
- Financial Services – Includes services offered by the finance industry, like bank financing, highlighted by BBVA's financial advisory role.
Financials
- €288 million – The total debt refinancing amount for the Eix Diagonal project.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| DLA Piper | Legal Advisor | Company | Global law firm advising on the refinancing of Eix Diagonal. |
| Iridium Concesiones de Infraestructuras (ACS Group) | Sponsor | Company | Infrastructure company that co-sponsors the Eix Diagonal concession. |
| Federated Hermes Infrastructure | Sponsor | Company | Investment firm co-sponsoring the Eix Diagonal concession. |
| BBVA | Financial Advisor | Company | Financial institution advising on the long-term bank financing for the refinancing. |
| César Herrero | Partner | Person | Partner at DLA Piper involved in the refinancing process. |
| Rocío Smith | Legal Director | Person | Legal director at DLA Piper advising on the transaction. |
| Antonio Olarte | Senior Counsel | Person | Senior counsel at DLA Piper advising on the refinancing. |
| José María Barrios | Partner in Public and Regulatory Law | Person | Partner at DLA Piper specializing in public and regulatory law. |