Not for distribution in the United States, Canada, Australia or Japan
BBVA, Citigroup, Grupo Santander and Merrill Lynch work alongside the companies to define the structure of the public offering of the Spanish concession company, scheduled for later this year.
Ferrovial and Macquarie Infrastructure Group (MIG) have selected BBVA, Citigroup, Grupo Santander and Merrill Lynch as global coordinators of the flotation of toll road subsidiary Cintra.
The global coordinators will work alongside Ferrovial and MIG to determine the structure of the public offering. The flotation of Cintra on the Madrid Stock Exchange is scheduled for 2004, subject to favourable market conditions.
Flotation of Cintra
On 4 June, Ferrovial and MIG reached an agreement to take toll road subsidiary Cintra public.
The agreement envisages a prior share swap: MIG will acquire 13.87% of the 407 ETR (Toronto) in return for 11.99% of its stake in Cintra.
Through the public offering, MIG will fully divest its stake in Cintra, while Ferrovial intends to maintain a majority stake in the company.
Cintra: toll roads in Europe, Chile and Canada
Cintra centralises Ferrovial´s toll road bidding and management activities in Spain and elsewhere and it is one of the world´s largest private developers of transport infrastructure, with over 1.3 billion euros committed in concession companies´ equity.
Ferrovial currently manages 16 toll roads, totalling 1,600 kilometres, in Spain, Portugal, Ireland, Chile and Canada. In the latter, Cintra has a 99-year concession to operate the 407 ETR in Toronto which, with an overall investment of 2.4 billion euros, is Canada´s largest privatisation ever and the largest toll road investment outside Spain headed by a Spanish group.
At present, Cintra is studying toll road concession projects mainly in Europe (Portugal, Ireland, Greece, Italy and Poland) and the US (Chicago, Atlanta, Texas, etc.).
(This information is not an offer of securities for sale or a solicitation of an offer to purchase securities in the United States. The shares in Cintra (the `Shares`) may not be offered or sold in the United States or to or for the account or benefit of U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the `Securities Act`)) unless registered under the Securities Act or pursuant to an exemption from such registration. The Shares have not been, nor will be, registered under the Securities Act. Any offer of the Share in the United States will be made by means of a prospectus that will contain detailed information about Cintra and its management, as well as financial statements).
