October.25.2017
Orrick represented ITR Concession Company LLC (“ITRCC”) on its issuance of $850 million aggregate principal amount of senior secured notes (the “Notes”). ITRCC is the operator of the Indiana Toll Road under a 75-year concession and lease agreement. The Notes were placed through a private placement completed on October 18, 2017, and included four series of notes.
Orrick previously represented IFM Investors, acting on behalf of IFM Global Infrastructure Fund, in connection with its $5.725 billion acquisition of ITRCC on May 27, 2015, and related acquisition financing, including approximately $1.8 billion in bridge and term loan facilities, a $328 million capital expenditure term loan facility and $700 million aggregate principal amount of senior secured notes. Orrick also advised ITRCC in connection the repayment of the bridge loan facility and partial prepayment of the term loan facility with the proceeds of a Rule 144A/Regulation S offering of $1.05 billion aggregate principal amount of senior secured notes that was completed in July 2015. The proceeds of the Notes were used primarily to repay the remainder of the term loan facility and a portion of the capital expenditure term loan facility.
For Orrick’s announcements regarding the acquisition and July 2015 bond refinancing, please see below.
The Orrick team that advised ITRCC on the Notes offering was led by capital markets partner Stephen Ashley. Other members of the Orrick team included Kenneth Marx, Michael Davey, Maria Bergenhem and Stephen Lessard.