FORT WORTH, TX — 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, in an operation worth more than $1.2 billion.

Within the transaction framework, the consortium issued $331.8 million in private activity bonds (PAB) and sold at a premium that brings the total figure to $400 million. In parallel, it issued $871.1 million 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 Transportation Infrastructure Finance and Innovation Act (TIFIA) 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,” said 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 toll road in whose reconstruction NTE Mobility Partners has invested $2.5 billion. 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 percent stake, Cintra Infraestructuras, a Ferrovial subsidiary, leads the consortium that manages this concession through 2061.