Ferrovial Completes Refinancing of the LBJ Express Highway in Texas for $622M
The company will use the funds raised in the deal to fully refinance the 2010 tax-free bond. The deal, which has attracted strong investor interest, enables Ferrovial to advance with its strategy of reducing funding costs and maximizing the efficiency of its assets' funding structure.
LBJ Express is a toll road representing a managed investment of more than $2.57 billion. The 13.3-mile road is located in the Greater Dallas area and is under concession until 2061. The road expands the carrying capacity of the former LBJ, one of the most congested roads in the United States, by adding six new tolled lanes on the I-635 segment and four on the I-35 segment.
Ferrovial, through subsidiary Cintra, which has a 54.6 percent stake, heads the consortium that built and is maintaining and managing the asset. It currently manages more than 930 miles of toll roads in 23 concessions in Canada, the U.S., Europe, Australia, and Colombia.