Sociedad Concesionaria Autovía de la Plata, the concessionaire of a P3 highway earning availability fees under a 30-year Spanish government concession, is the first road concessionaire in Spain to refinance by issuing project bonds. With settlement expected May 27, proceeds obtained by the sale of 27-year, fixed rate (3.169% annually) senior secured project bonds worth a total of Euro 184.5 million (US$203 million) will refinance a 7-year mini-perm bank loan from the European Investment Bank and a Spanish bank club. Standard & Poor’s rated the Autovía de la Plata bonds BBB stable.