Orrick Advises on $850 Million Debt Refinancing for Indiana Toll Road
Orrick represented ITR Concession Company LLC (“ITRCC”) in connection with a Rule 144A/Regulation S offering of $1.05 billion aggregate principal amount of senior secured notes (the “Notes”) issued by ITR Concession Company LLC, the operator of the Indiana Toll Road under a 75-year concession and lease agreement. The offering was completed on July 23, 2015 and included three series of notes: $300 million of 4.197% Series A Notes due 2025; $500 million of 5.183% Series B Notes due 2035; and $250 million of 5.283% Series C Notes due 2040.
Orrick previously represented IFM Investors, acting on behalf of IFM Global Infrastructure Fund, in connection with IFM Investors’ $5.725 billion acquisition of ITR Concession Company LLC on May 27, 2015. Orrick also advised IFM Investors in connection with debt financing for the acquisition closing, including entry into a $551 million bridge loan facility, a $1.27 billion term loan facility and a $328.5 million capital expenditure term loan facility and the issuance of $700 million aggregate principal amount of senior notes pursuant to a private placement. The proceeds of the Notes were used primarily to repay the bridge loan facility in full and a portion of the term loan facility.
The Orrick team that advised ITRCC on the Notes offering was led by energy and infrastructure partner Young Lee and capital markets of counsel Stephen Ashley and included energy and infrastructure associates Mache Mouzakis, Michael Davey, Irma Foley, Michael Shiu and John Thomson, capital markets associate Kenneth Marx, energy and infrastructure senior counsel Robert Lawrence, restructuring partner Lorraine McGowen, structured finance partner Nikiforos Mathews, compensation & benefits senior counsel Mitchel Pahl and tax senior associate Stephen Lessard.