Indiana Toll Road $4.063 billion credit facility to launch Tuesday

By Sara Rosenberg

New York, Sept. 15 - Indiana Toll Road is scheduled to hold a bank meeting in New York on Tuesday and a bank meeting in Madrid on Thursday to launch its proposed $4.063 billion credit facility, according to a market source.

BBVA, BNP Paribas and RBS Securities are the bookrunners on the deal.

The facility consists of a $3.248 billion term loan A, a $150 million liquidity facility and a $665 million capex facility, with all tranches talked at initial pricing of Libor plus 95 basis points, stepping up to Libor plus 110 bps over the life of the deal, the source said.

Proceeds from the credit facility are being used to back the already completed acquisition of a 75-year concession for the Indiana Toll Road by Macquarie Infrastructure Group and Cintra SA.

The bank deal was closed between a group of seven banks - BBVA, BNP, RBS, Caja Madrid, DEPFA, Dexia, and Santander - and is now being syndicated to retail investors.

In operation since 1956, the Indiana Toll Road stretches 156.9 miles across the northernmost part of Indiana from the Ohio to the Illinois state line.

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