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 03/18/2010 Financial closing of Eje Diagonal (Spain)

Iridium closed the financing for the Eje Diagonal concession project (Spain) at 248.76 million Euros.

The Eje Diagonal Group, concessionaire of the Generalitat de Catalunya S.A., which 100% owned by 100% and its filial, CAT Desenvolupament de Concessions Catalanes, has successfully closed the Eje Diagonal project financing for the construction, maintenance and operation of the C715/C-37 along the Vilanova i la Geltrú – Vilafranca del Penedés – Igualada – Manresa section. The concession period is 33 years, with an estimated project investment of 398.4 million Euros.

The project financial structure consists of a banking syndicate for the amount of 248.76 million Euros that was subscribed to by a group of seven banks (Santander, West LB, La Caixa, Banesto, Dexia Sabadell, Banco Espirito Santo and Société Générale). This load becomes due in eight years, after which time it becomes payable.

Because of IridiumÂ’s firm footing and leading position in the concession market and, at the same time, the backing it has always received from the Generalitat de Cataluña, the signing of the financing contracts finally took place on the 18th of March after one year of intense negotiations with the financial bodies, mainly due to the fact that the awarding of the project occurred at an especially critical time for the financial markets. The financial market has demonstrated solid backing for a trustworthy sponsor, emphasizing the strength of ACS in the current market and its capacity to provide financial backing at times of financial crisis.
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