Significants Events 2008 and 2009


Pursuant to the Concession Agreement, the Chicago Skyway increased passenger vehicle tolls by 20%, raising them from $2.50 to $3.00.

The Greek government transferred the section of the Ionian Roads that is already in operation allowing the concession company to start collecting tolls on the section.

The 407-ETR toll road refinanced the debt maturing in 2008 through two separate bond issues. The first one was through a senior bond issue for 250 million Canadian dollars with maturity in January 2011 and a fixed coupon of 4.50% and the second one was through a subordinated bond issue for 300 million Canadian dollars maturing in January 2011 with a fixed coupon of 5%.


The 407 ETR toll road started to apply new toll rates. For the first time rate will vary based not only on the time of day (peak/off-peak hours), but also on the specific section of the highway. The new toll rates represent an increase of 9.4% at peak times for the Regular Zone (Highways 401 and 404), 8.0% at peak times in the Light Zone (rest of the highway) and 7.1% at off-peak times.

Ionian Roads, in which Cintra holds a 33.34% interest, closed the syndication of €400.9 million in senior debt.


The SH-130 Concession Company, in which Cintra holds 65%, closed deals for US$1.358 billion in financing for the construction and operation of segments 5 and 6 of Texas SH 130 through a US$430 million loan (with $45.5 million in capitalized interest during the construction phase) granted by the US Department of Transportation (TIFIA), a $685.8 million bank loan and a $197 million capital contribution from the consortium partners based on the equity stake held. Additionally the company has set aside a $65 million allowance to cover expropriations and provide additional liquidity.

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