Meridiam has completed Spain’s first public private partnership (PPP) using debt capital markets exclusively.

The French infrastructure manager said it has refinanced the A66 Benavente-Zamora PPP using Spain’s new alternative fixed income market, known as MARF, without any credit enhancement.

Meridiam, Acciona and Cintra placed the €184.5m, 27-year bond on May 12th.

The bond issuer Sociedad Concesionaria Autovia de la Plata, is 50% owned by Meridiam, while Acciona and Cintra hold 25% interests each.

The original €160.5m, 21-year senior debt facility was established in 2013 by commercial lenders BBVA, Santander and Instituto de Crédito Oficial and the European Investment Bank.

The Greenfield 49km section of road opened to the public this month, ahead of schedule, completing the north-south axis Ruta de le Plata from Seville to Gijon.

“This is Spain’s first debt capital market financed P3 and is also Meridiam’s first project in Spain,” said Thierry Déau, founder and CEO of Meridiam.

“We’ve been confident in the creditworthiness of Spain even during the most complex episodes of the crisis.”