Operis has completed a full model audit in respect of the financial model used to secure a $622M refinancing package for the LBJ Express Highway. After supporting Cintra in a similar transaction in 2019, the North Tarrant Expressway refinancing, Operis were engaged to both provide comfort to the lenders – through a review of the proposed financing solution, and the authority – through a review of the changes introduced by the refinancing.
The LBJ Express Highway is a 13.3 mile dynamic toll road located in the Greater Dallas area of Texas in the USA, and is under concession with the SPV until 2061. The road increases the carrying capacity of the former LBJ with the addition of six new tolled lanes on the I-635 segment and four on the I-35 segment. The new financing package, including a $537.5M tax-exempt bond, will be used to completely refinance the high cost bond debt secured at financial close in 2010.
Tim Roberts, Manager at Operis, said: “We are very pleased to have been able to support Cintra again on this transaction following the successful refinancing of the North Tarrant Expressway in 2019, and are delighted to have helped the consortium reach financial close despite the difficult times facing the industry in the present climate.”