Ferrovial, through the LBJ Infrastructure Group consortium headed by its subsidiary Cintra, has completed the refinancing of the Lyndon B. Johnson (LBJ Expressway) in Texas with a bond issue for an initial nominal amount of US$ 544.5 million; the company ultimately placed US$ 622 million. The deal consists of a US$ 537.5 million tax-exempt private activity bond (PAB) and a US$ 7 million taxable bond.

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 dynamic toll road representing a managed investment of more than US$ 2.57 billion. The 13.3 miles (21.4 kilometers) 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% stake, heads the consortium that built and is maintaining and managing the asset.