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Crédit Agricole CIB supports Madrileña Red de Gas in its second Spanish gas distribution assets acquisition
In February 2011, Crédit Agricole CIB acted as mandated lead arranger and bookrunner in an acquisition of gas distribution assets by Nueva Madrileña de Gas, a company belonging to Madrileña Red de Gas group, and, ultimately, controlled by Morgan Stanley Infrastructure Partners. The transaction amounted to EUR 450 million.
Nueva Madrileña de Gas acquired around 300,000 gas connections points in the Madrid region from Gas Natural Fenosa. These, together with the 500,000 gas connections points of Madrileña Red de Gas, add a total of almost 800,000 gas connections points owned and operated by the group companies in the Madrid region.
The total debt size for the transaction was EUR 380 million. Crédit Agricole CIB underwrote one third of such debt totalling EUR 126.66 million, split into two tranches:
- EUR 120 million for a 7-year acquisition facility, and
- EUR 6.66 million for a 4-year Debt Service Reserve Account unfunded facility.
Crédit Agricole CIB also supported Madrileña Red de Gas in the original acquisition in 2010 acting as mandated lead arranger for the transaction.
“Madrileña Red de Gas continues to grow with over 814,000 supply points in the Madrid Region, fulfilling its commitment to expand the use of natural gas, increase security and improve energy efficiency in the area in which it provides its services” explains Mr. Pedro Mielgo, Chairman of Madrileña Red de Gas.