Bond Issuance
Issued by ACS Finance Plc — full terms, credit structure, and issuance documentation.
In 2008, a public authority in Catalonia, Spain, awarded a long-term concession for the construction and operation of a metro line in Barcelona, with a term running until 2041. The line was completed in 2012 and opened to the public in 2016. The operation of the metro line and the maintenance of the stations were structured separately and subcontracted to leading sector operators. Since 2011, payments have flowed reliably and uninterruptedly from the public authority to the relevant concession companies.
In 2023, the Audentia Group acquired, through a securitisation transaction, 36% of the economic rights linked to the ordinary maintenance of 13 stations. The Issuer now intends to acquire these credit rights directly using the proceeds of this EUR 29 million bond issue.
The economic rights expected to be generated until 2041, currently estimated at approximately EUR 80 million, will be pledged in favour of the Security Trustee as security for the repayment of the Bonds.
The bond issue comprises €29 million secured bonds with a nominal value of €100 each, issued at par and freely transferable. The bonds carry an annual interest rate of 5.5%, payable semi-annually from the Issue Date until maturity, when investors will receive the nominal value of the bonds together with any accrued and unpaid interest.
The bonds will be issued in fully registered and dematerialised form, governed by Maltese law, and listed on the Malta Stock Exchange.
The offer is open to a broad range of investors, including the general public, primarily through authorised intermediaries. The bonds constitute direct and unconditional obligations of the Issuer, rank pari passu among themselves, and are secured in respect of both principal and interest. The bond issue has been assigned a preliminary BBB investment-grade credit rating and is not underwritten.
The bonds are secured by credit rights whose underlying cash flows are ultimately payable by Catalonian public entities, irrespective of passenger volumes, providing a high degree of predictability and payment certainty.
Trident Trust acts as Security Trustee and pledgee of these credit rights, with the ability to enforce over the full pool of pledged credit rights, currently estimated at approximately EUR 80 million, to support the repayment of bondholders.
Key security features include:
Direct government payments — independent of ridership levels
Concession in operation since 2011, with over 14 years of uninterrupted payment history
Senior ranking and pari passu security in respect of both principal and interest
Concession term running until 2041, materially beyond the maturity of the bonds
* All dates and terms are indicative and subject to the final prospectus.
Rated by Ethfinance · Investment Grade · First rated bond in Malta
BBB is an investment grade credit rating indicating the issuer has adequate capacity to meet its financial commitments, offering investors a meaningful level of credit confidence. Investment grade bonds are considered suitable for a wide range of investors including retail participants.
The rating reflects the bond's strong underlying structure: government payments from the Generalitat de Catalunya, a concession running until 2041, and a projected DSCR ranging from 1.45x to 2.28x — providing a comfortable buffer over debt service obligations across the bond term.
Ethfinance is an EU-registered credit rating agency. The BBB rating is based on a thorough assessment of the issuer's cash flow structure and underlying concession. The confirmed rating will be published alongside the prospectus as part of the mandatory regulatory disclosure.
This will be the first rated bond in Malta — a milestone for Maltese capital markets, opening an investment grade bond to a broader institutional and retail investor base.
* The BBB rating from Ethfinance is subject to confirmation upon final review of the prospectus. This does not constitute investment advice.
Trusted partners supporting the issuance
Bank of Valletta
Ganado Advocates
PwC
Trident Trust
EthiFinance
Rizzo Farrugia
* Official partner logos shown.