Obligation ADIF-AVE 1.875% ( ES0200002006 ) en EUR

Société émettrice ADIF-AVE
Prix sur le marché 100 %  ⇌ 
Pays  Espagne
Code ISIN  ES0200002006 ( en EUR )
Coupon 1.875% par an ( paiement annuel )
Echéance 28/01/2025 - Obligation échue



Prospectus brochure de l'obligation ADIF-ALTA VELOCIDAD ES0200002006 en EUR 1.875%, échue


Montant Minimal /
Montant de l'émission /
Description détaillée ADIF Alta Velocidad est l'entreprise publique espagnole responsable de la gestion, de l'exploitation et de la maintenance du réseau ferroviaire à grande vitesse en Espagne.

L'Obligation émise par ADIF-AVE ( Espagne ) , en EUR, avec le code ISIN ES0200002006, paye un coupon de 1.875% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 28/01/2025








Final Terms dated 26 January 2015
ADIF-ALTA VELOCIDAD
Issue of EUR 1,000,000,000 1.875 per cent. Notes due 2025
under the 3,000,000,000
Euro Medium Term Note Programme
PART A ­ CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions (the
"Conditions") set forth in the Base Prospectus dated 30 April 2014 and the supplemental Base
Prospectuses dated 19 May 2014 and 5 December 2014, which together constitute a base
prospectus (the "Base Prospectus") for the purposes of the Prospectus Directive. This document
constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the
Prospectus Directive (as defined below) and must be read in conjunction with the Base
Prospectus.
Full information on the Issuer and the offer of the Notes is only available on the basis of the
combination of these Final Terms and the Base Prospectus. The Base Prospectus is available for
viewing on the websites of the Irish Stock Exchange (www.ise.ie) and of the Central Bank of
Ireland (http://www.centralbank.ie).
The expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto,
including the 2010 PD Amending Directive) and the expression "2010 PD Amending
Directive" means Directive 2010/73/EU provided, however, that all references in this
document to the "Prospectus Directive" in relation to any Member State of the European
Economic Area refer to Directive 2003/71/EC (and amendments thereto, including the 2010 PD
Amending Directive, to the extent implemented in the relevant Member State), and include any
relevant implementing measure in the relevant Member State.
1.
Issuer:
Adif-Alta Velocidad

2.
(i)
Series Number:
2


(ii)
Tranche Number:
1

3.
Specified
Currency
or Euro ("EUR")

Currencies:
4.
Aggregate Nominal Amount:



(i)
Series:
EUR 1,000,000,000


(ii)
Tranche:
EUR 1,000,000,000

5.
Issue Price:
99.325 per cent. of the Aggregate
Nominal Amount
6.
(i)
Specified Denomination:
EUR 100,000


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(ii)
Calculation Amount:
EUR 100,000

7.
(i)
Issue Date:
28 January 2015


(ii)
Interest Commencement Issue Date


Date:
8.
Maturity Date:
28 January 2025

9.
Interest Basis:
1.875 per cent. Fixed Rate



(further particulars specified below)

10.
Redemption/Payment Basis:
Subject
to
any
purchase
and
cancellation or early redemption, the
Notes will be redeemed on the
Maturity Date at 100 per cent. of their
nominal amount.
11.
Change of Interest or
Not Applicable


Redemption/Payment Basis:
12.
Put/Call Options:
Not Applicable

13.
(i)
Status of the Notes:
Senior, unsecured


(ii)
Date Board approval for 25 April 2014 (further developed by
issuance
of
Notes the resolutions adopted by the Issuer's
obtained:
special attorneys on 3 December 2014)
PROVISIONS RELATING TO INTEREST PAYABLE

14.
Fixed Rate Note Provisions
Applicable


(i)
Rate of Interest:
1.875 per cent.

per annum payable in
arrear on each Interest Payment Date,
unadjusted

(ii)
Interest Payment Date:
28 January in each year


(iii)
Fixed Coupon Amount:
EUR 1,875 per Calculation Amount


(iv)
Broken Amount(s):
Not Applicable


(v)
Day Count Fraction:
Actual/Actual (ICMA)

15.
Floating Rate Note Provisions
Not Applicable


PROVISIONS RELATING TO REDEMPTION

16.
Call Option
Not Applicable


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PART B ­ OTHER INFORMATION
1.
LISTING AND ADMISSION
Application is expected to be made by
TO TRADING
the Issuer (or on its behalf) for the Notes
to be admitted to trading on the AIAF
Fixed Income Securities Market in
Spain with effect from 28 January 2015.
2.
RATINGS
The Notes to be issued are expected to
be rated:

Ratings:
Moody's: Baa3 (positive outlook)




Fitch: BBB+ (stable outlook)





Fitch Ratings España, S.A. ("Fitch")
and Moody's Investors Service España,
S.A. ("Moody's") are established in the
EEA and registered under Regulation
(EU) No 1060/2009, as amended (the
"CRA Regulation").
3.
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN
THE ISSUE/OFFER

(i)
Method of distribution:
Syndicated


(ii)
If syndicated:



(a)
Names of
Joint Lead Managers:

Managers:
Banco Santander, S.A.
Barclays Bank PLC
BNP Paribas
HSBC Bank plc
Société Générale


(b)
Stabilising
Banco Santander, S.A.

Manager(s) (if any):

(iii)
If non-syndicated, name
Not Applicable

and address of Dealer:
4.
TOTAL EXPENSES



Estimated total expenses:
EUR 50,000


5.
YIELD



Indication of yield:
1.950 per cent. per annum

6.
OPERATIONAL



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INFORMATION

ISIN Code:
ES0200002006


Common Code:
117842819


Intended to be held in a manner
No

which would allow Eurosystem
eligibility:
7.
DISTRIBUTION



U.S. Selling Restrictions:
TEFRA C; Reg. S Compliance Category
1



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