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Ferrovial SA-Led Consortium Achieves Financial Close For Extension Of North Tarrant Express In Texas For EUR 1 Billion


Wednesday, 18 Sep 2013 08:00pm EDT 

Ferrovial SA announced that through a consortium led by the Company’s subsidiary Cintra Infraestructuras (Cintra), has achieved financial close for the concession to extend the North Tarrant Express in Texas (the United States). The investment is estimated at USD 1.35 billion (around EUR 1.01 billion). The consortium will upgrade the existing lanes, which will be toll-free, and build two additional managed lanes each way which will use electronic tolling; the consortium will also handle operation and maintenance of the entire roadway, which includes a second section, 3B, measuring 3.6 miles (5.8 kilometres) built by TxDOT. The 43-year concession will start from the date the highway opens to traffic, which is scheduled for mid-2018. NTE Mobility Partners Segments 3 LLC, the consortium led by Cintra, also includes Meridiam Infrastructure, Dallas Police and Fire Pension System and APG. The project will be financed with a combination of public and private funds: USD 531 million from a federal TIFIA loan (Transportation Infrastructure Finance and Innovation Act); USD 127 million from the Texas Department of Transportation (TxDOT); USD 274 million in Private Activity Bonds (PABs), maturing in 25 and 30 years (which were 2.5 and 4 times oversubscribed respectively); and 430 million dollars in equity. 

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