In 2016, CNA issued €25M in debt securities to finance motorway concession-holders’ investments.
At the same time, it repaid close to €1,48 bn on matured bonds. The reduction of the establishment’s debt thus continued in 2016, ending the year with €4.54 bn in liabilities.
The financing requirements for the year were covered by a third drawdown of €25M on the €120M credit line (now €115M used up) with the EIb on 8 April 2013, to diversify its financing sources to have greater fl exibility to meet the needs of concessionary companies. This loan was earmarked in full for Société Française du Tunnel routier du Fréjus (SFTRF). In fact, since the end of 2009, only the two tunnel companies, Autoroute et Tunnel du Montblanc (ATMb) and Société Française du Tunnel routier du Fréjus (SFTrF), whose debt with CNA now accounts more than 25% of total debt as at 31 december 2016, are allowed recourse to the establishment to finance and, as needed, refinance their investments. However, these new transactions should not disrupt the process of amortising current debt, at an annual average of the €3.4 bn debt over the next 2 years.
Bond issue 2025 dated April 5th 2017