- Ferrovial collects 184 million dollars for its majority stake in the road
- The LBJ toll road is expected to pay its first dividend this year
The North Tarrant Express (NTE) toll road in Texas has distributed its first dividend, for a total of 292 million dollars; this milestone comes five years after the road came into service and includes the distribution of 184 million dollars to Ferrovial. The company owns 62.97% of NTE through its subsidiary Cintra.
Shareholder remuneration by this tolled managed lanes project, which was awarded in 2009 to the Cintra-led NTE Mobility Partners consortium, comes after the 1.270 billion dollar refinancing deal closed last month (400 million dollars in PABs and 871.1 million dollars in taxable bonds). The LBJ toll road in Texas is expected to distribute its first dividend this year.
North Tarrant Express, a latest-generation toll road, was built by NTE Mobility Partners at a cost of 2.106 billion dollars. Fully operational since 2014, the project practically doubled the corridor’s carrying capacity by adding dynamic toll lanes. NTE stretches for 21.4 kilometers along IH 820 and SH 121/183, linking IH 35W with the environs of Dallas-Fort Worth airport. In the third quarter of 2019, NTE achieved 18% traffic growth, resulting in 113 million dollars in revenues, a 36.3% increase year-on-year, and 98 million dollars in EBITDA, a 40.5% increase year-on-year.
Through subsidiary Cintra, with a stake of close to 62.9%, Ferrovial leads the consortium that manages this concession until 2061. It is also one of the world’s principal private sector developers of transportation infrastructure in terms of the number of projects and the volume of investment. It currently manages over 1,500 kilometers of toll roads in 25 concessions in Canada, the US, Europe, Australia and Colombia. It is the largest shareholder in the 407 ETR concessionaire, in Ontario, Canada, with a stake of 43.23%.
