Orrick Advises on $850 Million Debt Refinancing for Indiana Toll Road
A multidisciplinary Orrick team advised IFM Investors Pty Ltd (“IFM”), on behalf of IFM Global Infrastructure Fund, in its $5.72 billion acquisition of 100% of the membership interests of ITR Concession Company (“ITRRCC”), a wholly owned subsidiary of Statewide Mobility Partners, a Cintra / Macquarie joint venture. ITRCC operates and maintains the Indiana Toll Road, a 157 mile highway running across Indiana, and also holds an exclusive right to collect revenue from the toll road under a long-term lease and concession arrangement with the Indiana Finance Authority.
ITRCC is party to a voluntary bankruptcy proceeding under Chapter 11 of the Bankruptcy Code, on which Orrick advised. In accordance with a prepackaged plan of reorganization of ITRCC, confirmed by order of the Bankruptcy Court, the Special Committee of the Board of Directors of ITRCC was granted the authority to run a competitive bidding process for the sale of ITRCC and to approve its sale. Pursuant to such authority, the Special Committee has approved the sale of ITRCC to IFM Investors under the terms of a purchase and sale agreement, which was signed on March 10, 2015. Financial closing is expected in the coming months.
“IFM is a leader in the infrastructure market, and we are very pleased to assist them with growing their U.S. infrastructure portfolio in this groundbreaking transaction,” said Dan Mathews, Partner and Co-head of Orrick’s Energy & Infrastructure group.
“We are very excited that our Restructuring, Energy & Infrastructure and Corporate groups, among other practices, were able to collaborate and achieve such a successful outcome for our client. We hope we will have further opportunities in the future to both assist IFM and other clients on similar deals,” said Lorraine McGowen, Partner of Orrick’s Restructuring group.
The Orrick team was led by Partners Dan Mathews and Young Lee of the Energy & Infrastructure group, King Milling and Tal Hacohen of the Corporate group, and Lorraine McGowen of the Restructuring Group.