Selected Sullivan & Cromwell infrastructure matters dealing with toll roads include the following projects:
Canada Pension Plan Investment Board, OMERS Infrastructure Management and Ontario Teachers' Pension Plan Board in their acquisition of Chicago Skyway toll road from Cintra and Macquarie. Named 2016 North America M&A Deal of the Year by IJGlobal.
Pocahontas Parkway and Macquarie in the sale by Macquarie, CPPIB and Centerbridge Partners of 100% of the equity in Pocahontas Parkway to Globalvia.
Macquarie Group Limited in its acquisition of a 50 percent stake in Pocahontas Parkway Holdings, LLC.
Fiduciaria Bancolombia S.A. (Colombia), as trustee of Fideicomiso P.A. Pacífico Tres, in its $380 million project bond issuance to finance the construction and improvement of toll roads in the Valle del Cauca region in Colombia. The project financing also included Colombian peso-denominated credit facilities of approximately $270 million, as well as a subordinated liquidity facility from the Colombian Government's Financiera de Desarrollo Nacional. The trust was created after the Colombian government awarded Colombian corporation Concesión Pacífico Tres S.A.S. a concession as part of the country's “Fourth Generation” (4G) Project, an infrastructure program aimed at modernizing road infrastructure in the country. Recognized as LatinFinance's 2016 Best Road Financing and 2016 Best Infrastructure Financing – Andes, Project Finance International's 2016 Latin America P3 Deal of the Year, IJGlobal's 2016 Latin America Roads Deal of the Year and Latin Lawyer's 2016 Project Finance Deal of the Year.
Fiduciaria Bancolombia S.A. Sociedad Fiduciaria, as trustee of Fideicomiso P.A. Costera, in its $262 million project bond issuance to finance the construction and improvement of a toll road that will connect the northern cities of Cartagena and Barranquilla in Colombia. The project financing also included Colombian peso credit facilities.
Fiduciaria Bancolombia S.A. Sociedad Fiduciaria, as trustee of Fideicomiso P.A. Concesión Ruta Al Mar, in its $178 million project bond issuance to finance the construction and improvement of a toll road that will connect the two major economic centers of Colombia (Antioquía and Bolívar). The project financing also included Colombian peso credit facilities. Recognized as IJGlobal's 2017 Latin American Transport Deal of the Year.
Grupo Costanera (Chile), in which S&C represented CPPIB in its approximately $1.15 billion acquisition of a 49.99 percent interest in Grupo Costanera from Atlantia (Italy).
GS Infrastructure Partners' joint venture arrangements with Abertis (Spain) for the acquisition of a long-term concession of the PR-5 and PR-22 toll roads in Puerto Rico.
Pennsylvania Turnpike, a joint venture among CPPIB, GS Infrastructure Partners, Ontario Teachers' Pension Plan Board and Transurban Group, that arranged committed acquisition financing for a substantial portion of its $12.1 billion bid, in which S&C advised the runner-up bidded.
Transurban Group's announced infrastructure fund in the United States and Canada, on which S&C advised on a number of aspects.
Transfield Services' potential bids for toll-road assets in the Americas.
State Highway 121, in which S&C advised a potential bidder on the PPP project to develop a portion of State Highway 121 in Texas.
I-595 Corridor Roadway Improvements Project, in which S&C advised GS Infrastructure Partners in a potential bid, together with Obrascón Huarte Laín and Balfour Beatty, for the project being concessioned by the Florida Department of Transportation.
Northwest Parkway, a Colorado toll road, in which S&C provided advice in connection with a client's financing for a bid for project.
Goldman Sachs' series of total return and credit default swaps to acquire substantially all of the economic exposure relating to $562 million of notes issued by Interoceánica IV Finance to finance the construction of toll roads in Peru by Intersur Concesiones.
Dulles toll road extension, in which S&C advised the underwriters in a real estate subordinated loan for construction financing.
SANEF toll roads, in which S&C advised Abertis and others in their leveraged €5 billion acquisition of SANEF toll roads from the French state.
PLUS Expressways' (Malaysia) $7.3 billion acquisition by UEM Group (Malaysia) and The Employees Provident Fund of Malaysia, in which S&C advised the financial adviser to PLUS Expressways, the largest operator of toll roads in Southeast Asia.
a toll road company in China, in which S&C advised American International Group with regard to a proposed investment in company.
Model Concession Agreements for State Highways and Ports prepared by the Planning Commission of India, for which S&C conducted a high-level review.