Garrigues advises on the financing of the M-30 urban highway

On December 13, 2005, a transaction was arranged in Madrid to provide financing for the public-private entity MADRID CALLE 30, S.A., which has been entrusted with the integral management of the M-30 urban highway. The company?s shareholders are the Madrid Municipal Council and a company belonging to the consortium awarded the tender for the selection of a shareholder for the company and comprising FERROVIAL SERVICIOS, S.A., DRAGADOS, S.A. and API CONSERVACIÓN, S.A.

The financing transaction was carried out using Project Finance-specific financing techniques and, by volume, has been one of the most important deals of 2005. The transaction was structured into two long-term credit facilities granted to MADRID CALLE 30, S.A. by a banking syndicate whose MLAs (Mandated Lead Arrangers) are DEXIA SABADELL BANCO LOCAL, S.A., SOCIÉTÉ GENERALE and CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID. Additionally, the relevant agreements were made to regulate the security provided by the shareholders of MADRID CALLE 30, S.A. and by the borrower itself, as well as the various dealings among all the members of the banking syndicate.

Garrigues advised the borrower through Rafael González-Gallarza (partner) and José Miguel Pinillos (associate).