A consortium, headed by Spanish developer Cintra Infraestructuras has completed a $622m (€533m) bond issue to refinance a US toll road concession.

Ferrovial’s subsidiary Cintra has led the LBJ Infrastructure Group consortium, which includes infrastructure manager Meridiam, to refinance the Lyndon B Johnson (LBJ Expressway) in Texas to help reduce the costs of the 52-year concession.

LBJ Express is a $2.6bn highway reconstruction project which has been fully operational for five years. The 13.3 miles road is located in the greater Dallas area and is under concession until 2061.

With a 54.6% stake, Cintra heads the consortium that built and is maintaining and managing the asset.

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