OHL to refinance Mexican toll highways

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OHL to refinance Mexican toll highways

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According to sources, OHL Mexico, the Mexican arm of Spanish-headquartered multinational construction and civil engineering company OHL, has announced that it is planning the refinancing of two projects, the Supervía Poetas fast lane highway concession and the Autopista Urbana Norte highway concession.

According to the sources, OHL Mexico would issue bonds to repay the bank loans of each of the concessions. This would allow OHL Mexico to extend the maturity of their obligations. Additionally, OHL Mexico would be looking to sell a stake in the second project after the refinancing process is completed

OHL Mexico's divestment process started in January 2015 when the company transferred a 24.99% stake in the concessionaire Mexiquense (Conmex), a 155 kilometers long bypass in Mexico DF, to the Australian IFM Global Infrastructure Fund by 8,777 million pesos (around US$580 million at that time).

Supervía Poetas is a fast lane highway 30-year concession in Mexico City, with a total length of about 7 km, 3 of which are tunnels and viaducts and 100% automated tolls. Controladora Vía Rápida Poetas, S.A de C.V. is the SPV of the concession for the design, construction and operation of project. Construction began in August 2010 and operation started in the first semester of 2013

Autopista Urbana Norte is a 9 km elevated viaduct with three lanes in each direction in Mexico City. The road became operational in November 2011. Autopista Urbana Norte, S.A. de C.V. holds the concession for 30 years for the design, finance, build and operate of the project. 

OHL Mexico manages seven concessions with 414 kilometers on a toll basis. Additionally, it possesses majority stake in some of them. The investment managed by OHL in Mexico exceeds EUR4.5 billion (US$5.1 billion) in total.

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