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.

CONTACT US

Please get in touch with either of our regional offices.

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Erwan Fournis
Global Head of Financial Advisory

+44 207 562 0444

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Carmen Wade
Financial Advisory, Head of North America

+1 647 243 3840

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Jun Tao
Global Head of Model Audit & Financial Modelling

+44 207 562 0428

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Mark Southall
Associate Director - Model Audit & Financial Modelling

+1 647 846 7384

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Philip Allen
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Operis Europe

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+44 207 562 0400
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Operis North America

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+1 647 846 7382
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Discuss your requirements with us

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Erwan Fournis
Global Head of Financial Advisory

+44 207 562 0444

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Chris Aldred
Director

+44 207 562 0433

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