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  • North Tarrant Express Refinancing Reaches Financial Close

    20 December 2019

    On December 17, 2019, NTE Mobility Partners, the SPV which operates the North Tarrant Express highway in Texas, successfully reached financial close on the refinancing of $1.2bn of existing debt.

    The new bonds, consisting of one $331.8m issue (sold at a premium to bring the total proceeds to $400m) and one $871.1m issue, will be used to repay the outstanding bonds from 2009 which were used to finance the construction of the project and to facilitate the advanced repayment of a loan granted through a United States government program.

    The North Tarrant Express, which originally reached financial close in 2009 and became operational ahead of schedule in 2014, is located in North-East Tarrant County in the Fort Worth area of Texas.  The project encompasses both state and interstate highways running between the I-35W and Industrial Boulevard and consists of both general non-tolled highways and managed TEXpress tolled lanes. The consortium, which is majority-owned by Cintra, is managing the project under a concession until 2061.

    Operis was pleased to provide a formal model audit to the concessionaire, having also audited the original financial close model and performing a high-level review of the operating model earlier in 2019.

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