ACS Finance plc – Details of New Bond Issue
Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.
On 3 June 2026, ACS Finance plc published a Formal Notice following regulatory approval of a Prospectus relating to the admissibility to listing on the Official List of the Malta Stock Exchange of €29 million 5.50% secured bonds maturing in 2034.
ACS Finance plc is a financing vehicle incorporated under Maltese law, set up to acquire Credit Rights relating to the operation and maintenance services of certain stations on Section 1 of Barcelona’s Metro Line 9, which will be financed through the bond issue.
The bonds have been granted a preliminary rating of BBB by EthiFinance Ratings.
The salient details of the new bond issue are as follows:
Coupon:
5.50%
Amount Offered:
€29 million (nominal)
Issue Price:
100% (par)
Maturity:
31 October 2034
Interest Payment Dates:
Semi-annually on 30 April and 31 October (with the first interest payment date being 31 October 2026)
Ranking of the Bonds:
The Bonds will constitute the general, direct and unconditional obligations of the Company to the Bondholders, secured by a first-ranking Spanish law pledge over the Credit Rights in favour of the Security Trustee for the benefit of Bondholders. The bonds shall at all times rank pari passu, without any priority or preference among themselves.
Use of Proceeds:
The Bond Issue proceeds will be utilised for the following purposes, in the order of priority set out below:
(1) circa €28.6 million will be used by the Company for the purpose of financing the acquisition of the Credit Rights from AC Securities Luxembourg. For this purpose, on or around the date of this Prospectus, the Company and AC Securities Luxembourg shall enter into a Spanish law governed assignment agreement pursuant to which AC Securities Luxembourg shall assign the Credit Rights to the Company against payment of approximately €37 million. Of that amount, €28.6 million shall be paid in cash from the proceeds of the Bond Issue, and in turn applied by AC Securities Lux towards redeeming the Senior Notes. The remaining payment balance of €8.8 million will be settled by way of set-off against the redemption proceeds payable by AC Securities Luxembourg to the Company in relation to the redemption of Junior Notes. Such Junior notes were held by Audentia Capital and were utilized as a non-cash contribution to capitalize ACS Finance plc.
(2) the balance of circa €0.4 million will be utilised for general corporate funding purposes.
Plan of Distribution:
The Bond Issue is open for subscription by all categories of investors, including the general public, and will be distributed by the Authorised Intermediaries participating in the Intermediaries’ Offer.
Offer Period:
9 June to 26 June 2026 (or earlier at the discretion of the Issuer)
Minimum Subscription Amount:
€2,000 (nominal) and in multiples of €100 thereafter
Listing:
Official List of the Malta Stock Exchange
Expected Listing Date:
13 July 2026
Downloads:
EthiFinance Rating Report dated 5 May 2026
Bond Fact Sheet dated 4 June 2026
Disclaimer:
This webpage has been prepared based on the Prospectus dated 3 June 2026 issued by ACS Finance plc and no representations or guarantees are made by Rizzo, Farrugia & Co. (Stockbrokers) Ltd with respect to the accuracy of the data. This webpage is for information purposes only. It is NOT intended to be and should NOT be construed as an offer or solicitation to acquire or dispose of any of the securities or issues mentioned herein. Rizzo, Farrugia & Co. (Stockbrokers) Ltd accepts NO responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this webpage.
Investors wishing to acquire the Bonds should read the Prospectus before making any investment decision in order to fully understand the potential risks and rewards associated with an investment in the Bonds. A copy of the Prospectus is available on Rizzo, Farrugia & Co. (Stockbrokers) Limited’s website. Prospective investors are urged to consult their financial advisers as to the suitability or otherwise of acquiring such Bonds. The value of the investment and the income therefrom may go down as well as up and investors may lose some or all of the money invested.
Rizzo, Farrugia & Co. (Stockbrokers) Limited is acting as Sponsor and Co-Manager of the Bond Issue.
This ADVERTISEMENT has been issued by Rizzo, Farrugia & Co. (Stockbrokers) Limited which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The Company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.
The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.
This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.
The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.
This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.