{"id":5351,"date":"2005-03-30T00:00:00","date_gmt":"2005-03-30T00:00:00","guid":{"rendered":"https:\/\/newsroom.ferrovial.com\/news\/cintra-syndicated-loan-for-chicago-skyway-project-oversubscribed-two-fold\/"},"modified":"2024-10-04T12:16:19","modified_gmt":"2024-10-04T10:16:19","slug":"cintra-syndicated-loan-for-chicago-skyway-project-oversubscribed-two-fold","status":"publish","type":"new","link":"https:\/\/newsroom.ferrovial.com\/en\/news\/cintra-syndicated-loan-for-chicago-skyway-project-oversubscribed-two-fold\/","title":{"rendered":"Cintra syndicated loan for Chicago Skyway project oversubscribed two-fold"},"content":{"rendered":"    <section class=\"wysiwyg text-editor \" id=\"\">\n        <div class=\"container container--narrow container--p-10\">\n            <p><strong><img loading=\"lazy\" decoding=\"async\" class=\"alignleft\" src=\"\/wp-content\/uploads\/noticias\/img_11235042967_2242005135915g.gif\" alt=\"\" width=\"130\" height=\"67\" \/>Concludes syndication of the largest-ever project finance deal for a private toll road concession in the US<\/strong><\/p>\n<p><strong>The Mandated Lead Arrangers -BBVA, Calyon, DEPFA and SCH- received commitments from 15 international banks<\/strong><\/p>\n<p>Cintra, one of the world\u00b4s leading transport infrastructure developers, and Macquarie Infrastructure Group successfully closed the syndication of a US$1.19 billion non-recourse senior debt facility for the acquisition of the Chicago Skyway Toll Road in the US. The Mandated Lead Arrangers -BBVA, Calyon, DEPFA and SCH- received commitments from 15 international banks with 100% oversubscription.<\/p>\n<p><strong>Chicago Skyway sets a precedent in the US market<\/strong><\/p>\n<p>This operation concludes syndication of the largest-ever project finance deal for a private toll road concession in the US. In the words of Juan B\u00e9jar, CEO of Cintra, &#8220;This success demonstrates the appetite and depth of the international bank market for well-structured US infrastructure assets. The acquisition of Chicago Skyway is a precedent-setting landmark for the US market&#8221;, he added, &#8220;and has raised considerable interest from other states in the US that are also looking at public-private partnership opportunities for infrastructure development&#8221;. According to the Lead Arrangers, &#8220;due to the unprecedented demand from the international banking market, both we and the invited sub-underwriting group have been substantially scaled back from our expected hold levels in the facility&#8221;.<\/p>\n<p>The consortium headed by Cintra (55%), with Macquarie Infrastructure Group (45%), submitted a US$1.83 billion winning bid for the right to operate, maintain and collect toll revenue on the Skyway under a 99-year concession granted by the City of Chicago. Opened in 1959, the Chicago Skyway is a 7.8 mile (12.5 km) six-lane, access-controlled, elevated roadway, including a bridge over the Calumet River, which links I-90 from the Illinois-Indiana state line with the Dan Ryan Expressway (I-94) south of metropolitan Chicago.<\/p>\n<p><strong>Financing to acquire and improve the toll road<\/strong><\/p>\n<p>The senior debt facility is broken down into three tranches: the US$1,000mn Series A loan, which was fully drawn at closing on 24 January 2005, was used mainly to fund the acquisition of the Skyway from the City of Chicago; the US$110mn Series B loan is to be used to pay part of the accruing interest on the Series A, B and C loans; and the US$80mn Series C loan is to be used to fund ongoing capital improvements on the Skyway between 2005 and 2008, as required under the terms of the concession. The senior debt has a final maturity of 9 years and pays a margin of 1.25% p.a. from years 1 to 5; 1.50% p.a. in years 6 and 7; and 1.75% in years 8 and 9.<\/p>\n        <\/div>\n    <\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":67,"featured_media":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","nivel-2":[2344,1132,1149,1845,2276,2092,1070,1915],"nivel-5":[1730],"nivel-1":[903],"nivel-3":[1322],"nivel-4":[],"class_list":["post-5351","new","type-new","status-publish","hentry","nivel-2-concessions","nivel-2-estrategia-empresarial-es-es","nivel-2-infrastructures","nivel-2-maintenance","nivel-2-mergers-and-acquisitions","nivel-2-projects","nivel-2-shareholders-and-investors","nivel-2-urban-mobility","nivel-5-cintra-en","nivel-1-highways","nivel-3-united-states"],"acf":[],"yoast_head":"<title>Cintra syndicated loan for Chicago Skyway project oversubscribed two-fold Ferrovial<\/title>\n<meta name=\"description\" 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