The A28 motorway, a real "jackpot"

All those who use the A28 between Rouen and Alençon – or 125 kilometers – know that the section is one of the most expensive in France. But the Marianne (June 29-July 5) survey does not focus on the kilometer price of a rather fluid highway, but on " an ingenious financial montage " according to the magazine, marking the advent and history of the highway. What is worth " the opening of an investigation by the Financial Markets Authority " confirms our colleague on Friday. The subject, moreover, follows a first publication last May, entitled: "Alis, when a highway becomes the broker's eldorado."

What is it? " It all began a couple of decades ago, Marc Endeweld and Emmanuel Levy . After several adventures, the A28 was born in 2005. It is the company Alis which, three years earlier, obtained the concession for 62 years … Its shareholders are the Sanef motorway company, chaired since 2012 by Alain Minc, a subsidiary of the Caisse d'Epargne which became Morova, but also Bouygues, which is building, invoicing most of the 700 M € of works, before disengaging between 2015 and 2016 . " In 2002, to complete its financing, " Alis Finance issues a first bond debt of € 460 million for the motorway project. The creditors then enjoy comfortable annual interest of 4.5 % plus inflation, that is for the period 2012-2016 nearly 360 M € the perpetrators of the investigation. The period 2002-2016 marks the annual payment of the interest of Alis for a total of 360 M € … 2016 : it is the jackpot of the refinancing. To buy the bond debt issued in 2002, a second debt of € 860 million is issued. The seller creditors will receive, in addition to 460 M € lent, a redemption premium of 320 M € ". In April 2016, while Alis announced a refinancing project, " the insurer Covéa charges the broker Aurel BGC to sell all of its Alis shares (€ 72m), above the market price, and without waiting to know the size of the bond repurchase premium issued in 2002, ensures Marianne . In August 2016, Alis repurchases its debt, including the old shares held by Covéa, giving the new holders of April 2016 a premium of € 28 million [19659006] "

The authors of this two-month survey put the emphasis " on discrepancies of short lengths so strange that, last spring, the AMF decided to open an inquiry ". And to add that " the shareholders of the A28 are expected to share 4.3 billion euros in profits by the end of the concession in 2068 "

Questioned Friday, the company Alis responds that it " is not aware of a possible investigation by the regulatory authorities ". It adds that it " is unable to comment on the transactions carried out by the holders of the refinanced bonds " . Moreover, the company, " as issuer for the purposes of the refinancing operation, took care to comply with the legal and regulatory obligations " . And to insist that " this refinancing operation took place in the greatest transparency, as evidenced, as early as 19 April 2016, the public announcement of the refinancing project and the information memorandum dated 2 August 2016, which describes the terms and conditions, accessible on the website of Alis ". [19659072] / * [ad_2]
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