Under the transaction, the consortium issued USD331.8m in private activity bonds (PAB) and sold at a premium that brings the total figure to USD400m. In parallel, it issued USD871.1m in taxable bonds.
The funds are earmarked to refinance the PAB issued in 2009 for the project’s construction, as well as for early repayment of the original loan granted through the TIFIA (Transportation Infrastructure Finance and Innovation Act) federal program.
“Figures from the first five years of the North Tarrant Express project evidence the success of managed lanes,” explains Alberto González, CEO of NTE Mobility Partners, adding that the system has reduced congestion on the road while improving traffic flow, even at peak times of day.
The North Tarrant Express toll road in Texas has been fully operational since 2014, the project practically doubled the corridor’s capacity, by including managed lanes over its entire length. The project encompasses 22 kilometers of the IH 820 highway and the SH 121/183 freeway linking the IH 35W in Fort Worth with Dallas-Fort Worth Airport on the route into Dallas.
With a 62.9% stake, Cintra Infraestructuras, a Ferrovial subsidiary, leads the consortium that also includes Meridiam that manages this concession through 2061.