Autopistas del Sol

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Autopistas del Sol is a consortium initially comprising Sideco Americana S.A. (10 percent), Dragados Group (25.3 percent), Confides S.A. (1.6 percent) and Simest S.p.A. (1.6 percent). The consortium changed structure whereby as of 2003 the group comprised Abertis Infraestructuras S.A. (45.15 percent), Impregilo International Infraestructures (18.33 percent), Dycasa S.A. (5.83 percent), and Dragados Group (0.67 percent). As of January 2007, the structure is as follows: Abertis Infaestrcturas S.A. (31.59%), Impregilo S.p.A. (19.82%), Dycasa S.A. (5.83%), ACS Group (Actividades de Construccion y Servicios) (5.71%). The agreement with the government includes operations and management of the 95 km Nothern Access Highway toll road and a 24 km toll free section of General Paz Beltway. Project financing consisted of: US$133.3 million in sponsors' equity and US$356 million in debt (the debt was originally raised in a loan from Citibank, Banco Rio de la Plata and Banco de Galicia y Buenos Aires; it was then refinanced with a two-tranche US$380 million bond offering lead managed by Citicorp - US$170 million 7-year bond and US$210 million 12 year bond). MIGA provided a US$5 million guarantee for Impregilo in 1995 (coverage for the company's equity participation). The contract allowed the project company to install service stations along segments of the highway system and subcontract them to retail stores; these subcontracts have already yield US$40 million in prepaid royalties. In March of 2006, the Argentine government adjusted the tariff rate by 15% for Autopistas del Sol through a contract renegotiation. Note that this project is distinct from ID# 813 (Santiago-San Antonio Toll Road). The two projects have similar service areas but are separate projects with separate sponsors. None