refinancing

407International holding company for 407ETR tollroad in Toronto has paid off C$400m in 6.05% bonds with proceeds of recently floated 3 year notes paying 4.65% and 5 year notes paying 5.1%, reducing their interest costs. C$=82cUS

TOLLROADSnews 2009-03-19

407 International, operator of the eleven year old 407ETR tollroad in Toronto has successfully refinanced $400m (C$500m @C$=80c) of debt despite difficult times for financing.

Dennis J Enright, the prominent apologist for state toll authorities in the debate on concessions vs public tolling is being paid $200k by the New Jersey Turnpike. Enright said this at a meeting of the New Jersey Turnpike Commission when a commissioner, Clive Cummins questioned the fees being paid for refinancing $400m of auction rate bonds.

North Texas Tollway Authority has successfully refinanced $2.4 billion of bond anticipation notes (BANs). The sale of bonds today was heavily oversubscribed. Over 60 institutions put orders in for $16b in NTTA bonds according to Bear Stearns who organized the placement.

NTTA chairman Paul Wageman said the result was "particularly gratifying" given recent turbulence in the municipal bond markets.

407 International, concessionaire on 407ETR in Toronto has issued $250m of Senior Notes at 4.5% as part of an ongoing refinancing of maturing medium term debt. The company owned by Cintra, Macquarie and SNC is refinancing $1.4b of medium term notes as they come due this year. RBC is leading the placement. (C$ treated as = US$)

TOLLROADSnews 2008-01-22

Transurban say they have reached an agreement with Virginia DOT and the Federal Highway Administration (FHWA) to build an approximate $45m Airport Connector spur off the Pocahontas Parkway (VA895) in Richmond in return for assistance in an advantageous $150m refinancing of the larger tollroad.