Ferrovial completes 1.2 billion-dollar refinancing of the NTE toll road in Texas

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  • The operation rounds off a new financial structure for this Ferrovial concession.
  • The proceeds will be used to repay bonds issued for the project’s construction, as well as the TIFIA loan.

Ferrovial, through the NTE Mobility Partners consortium led by subsidiary Cintra, has completed the refinancing of the North Tarrant Express (NTE) toll road, in Texas (United States), in an operation worth more than 1.2 billion dollars.

Within the transaction framework, the consortium issued 331.8 million dollars in private activity bonds (PAB) and sold at a premium that brings the total figure to 400 million dollars. In parallel, it issued 871.1 million dollars 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. Thus, the company continues to pursue its strategy of reducing financing costs and maximizing the efficiency of its assets’ financial structures.

“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 in Texas is a cutting-edge toll road in whose reconstruction NTE Mobility Partners has invested 2.5 billion dollars. 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 manages this concession through 2061.

Cintra is one of the world’s leading private sector developers of transportation infrastructure in terms of the number of projects and the volume of investment. It currently manages 1,500 kilometers of toll roads in 24 concessions in Canada, the US, Europe, Australia and Colombia. Cintra is a shareholder in the 407 ETR concessionaire, in Ontario, Canada, with a stake of 43.23%.



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