Madrid, 14 December 2009.- NTE Mobility Partners LLC, which is majority-owned by Cintra, has issued bonds amounting to 400 million dollars (close to 270 million euro) as part of the funding for the North Tarrant Express Managed Lanes project. The contract consists of the construction, maintenance and operation of 21.4 kilometres of the North Tarrant Express toll road in the Dallas-Fort Worth area. It will require a total investment of 2 billion dollars (1.36 billion euro). The tax-exempt Private Activity Bonds (PAB) were placed in the United States municipal bond market. The issue, which offers an average yield of 6.98%, is a milestone in that it is the first use of PABs by a private road concession. Two separate bonds were issued: 59.8 million dollars paying a 7.5% coupon and maturing on 31 December 2031, and 340.2 million dollars paying a 6.875% coupon and maturing on 31 December 2039. The issue was met with a very good reception in the market, where it was oversubscribed 2.4 times. It was underwritten by a syndicate of banks headed by JP Morgan and Merrill Lynch. Cintra CEO Enrique Diaz-Rato says this step is one of several achievements leaders in the United States. "Completion of this portion of the financing is a success for a number of reasons. It is the first time that Private Activity Bonds have been used for a private roadway concession in the United States, and it is the first bond issue for an explicit-toll concession since the global financial challenges began. It is also the first time in the United States that a US pension fund has come on board as a direct equity shareholder of a road concession", added Díaz-Rato. The NTE consortium is headed by Cintra (which owns 56.7%), with Meridiam (33.3%) and the Dallas Police and Fire Pension System (10%).