AEDL Statement Regarding Transfer of Ownership

LISBON, Portugal, Jan. 24, 2019 /PRNewswire/ -- On 24 January 2019, ownership of concessionaire AEDL – Auto-Estradas do Douro Litoral ("AEDL") – was transferred to a consortium of lenders led by investment funds managed or advised by Strategic Value Partners, LLC and its affiliates ("SVPGlobal") and Cross Ocean Adviser LLP and its affiliates ("Cross Ocean Partners"). Over the past five years, AEDL has been in default on its debt service obligations under Brisa, its previous owner, due to a high cost structure and traffic levels that have been below original expectations.

The new owners, which have extensive experience in infrastructure investing and toll road management, including an existing presence in Portugal, are committed to ensuring that the public will experience no disruption or change in levels of service, experience or safety. The new board's main focus will be to guarantee the quality of service.

Three new independent directors have been appointed to AEDL's Board of Directors. Andy Pearson, who will serve as Chairman, has more than 10 years of experience in the infrastructure sector, most recently as former CEO of M6 toll road in the UK, and as a Director of SH 130 toll road in Texas. The management team will be led by José Custódio in his role as General Manager of the concession. Jose has more than 20 years of experience in executive positions in infrastructure concessions in Portugal, including as former CEO of MSF Concessões and CEO of Auto-Estradas do Atlântico and Auto-Estradas do Litoral Oeste.

Chairman Andy Pearson said: "AEDL is a great asset, with fantastic future prospects. The road, which is a key component of the infrastructure for the Porto area, will continue to play a role in the region's economic development and has significant potential to increase its traffic levels. I am delighted to work with José Custódio, who brings a tremendous amount of local and operational expertise to the project."

General Manager José Custódio said: "Today, a new period starts for AEDL, under new ownership that provides the concession with a strong financial foundation that will ensure its future. I am delighted to work with the board and supportive shareholders. The management team's key priority will be to ensure the concession continues to provide its customers with the highest levels of service and safety."

About AEDL
AEDL, which was awarded the Douro Litoral concession in 2008, operates and maintains the A41, A43 and A32 toll roads (total length of 73km) creating important links to Porto and surrounding areas.

About SVPGlobal 
Lead Investor SVPGlobal is a global financial sponsor specializing in turning around distressed investments with approximately $8.0 billion in assets under management. Since its inception in 2001, SVPGlobal has invested nearly $29 billion in more than 400 companies globally, including nearly $13 billion in Europe, and $2.4 billion in infrastructure investments, of which about $1.0 billion have been invested in European toll roads. The firm is the majority owner of SH 130 Concession Company, which operates and maintains the 41-mile southern section of State Highway 130 between Austin and San Antonio, TX in the United States.

About Cross Ocean Partners 
Cross Ocean Partners is a credit and hard asset management platform focused on special situations investing with offices in the US, UK, and Ireland. Cross Ocean Partners advises assets of $3.1 billion globally and its funds and accounts have raised approximately $4.4 billion of aggregate committed capital to date.

Media Contacts

AEDL 
JLM&A 
José Barata 
jbarata@jlma.pt 
+351 962 013 726

SVPGlobal 
For Europe: 
Greenbrook Communications 
Andrew Honnor, Alex Jones and James Madsen 
+44 20 7952 2000

For North America: 
Kekst CNC 
Todd Fogarty 
+1 212 521 4854

Cross Ocean Partners 
info@crossoceanpartners.com 
+44 20 7653 6200

SOURCE Auto-Estradas do Douro Litoral (AEDL)