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angle-left Team work for more complex financing

Team work for more complex financing

Joaquín Camacho Calderón (Finance), Pablo Mochón López (Concessions) and Miguel Ángel Rufo Acemel (Concessions and Constructions in Italy) are the creators of one of the most complicated projects at Sacyr in the last year: the financing of the Pedemontana-Veneta motorway in Italy. This transaction came about as a result of a notes issue on the Irish Stock Exchange, one of the world's main securities markets for listed debt.

The strategy they designed to make the financing a success included an issuance of senior notes to the value of 1.221 billion euros and 350 million euros of junior notes. The success of this transaction was acknowledged through Sacyr's Natural Innovators prize.

The transaction was based on three pillars. “Efficiency in contributions of shareholder resources, generating a maximum return on these; its financial stability and predictability through the issuing of very long-term notes – 30 years – thus avoiding financing risk and, lastly, generating cash flow through the development of an innovative structure which enables the asset to contribute distributions to the shareholder as from its commissioning”, explained Miguel Ángel Rufo.

Miguel Ángel and his colleagues received their award with “pride”, due not only to the recognition as regards financial innovation but also to their work method.

“This project was developed jointly between different business and corporate areas at Sacyr, whose sole objective was the overall good of the company, with the greatest transparency and generosity from all the parties”, indicated Rufo.

The award recognises their teamwork, something which characterises Sacyr and which, in Rufo's opinion, is a hallmark which sets the multinational apart from the rest and gives it “a strength which makes it unbeatable in comparison to other companies”.

Innovation and creativity are necessary concepts in the financial world. The sector is evolving at great speed. Models such as that developed by Joaquín, Pablo and Miguel Ángel prove the need to adapt to change, generating synergies in the team and obtaining the best of those participating in it and their divisions.

The innovative nature of the financial strategy developed by the three colleagues at Sacyr has been recognised internationally, through awards such as the Project Finance International 2017 award in the Best European Operation in the field of transport infrastructure category; the award for the best European public-private project (PPP) of the Infrastructure Investor Awards 2017; the prize for the best European financing of a road project at the IJ Global Awards 2017; and the Transport Project Finance of the Year from TXF.

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