...ITR Concession Co. LLC operates and maintains the Indiana Toll Road under a 75-year (60 years remaining) concession and lease agreement with the Indiana Finance Authority. The road is a 157-mile toll road that links the Chicago Skyway in the west to the Ohio Turnpike in the east. It has 20 toll plazas and eight travel plazas. The project self-performs all maintenance and relies solely on toll revenues to service debt and pay maintenance costs, and is therefore exposed to demand risk . In May 2015, IFM Global Infrastructure Fund (IFM GIF) acquired the toll road, which had filed for Chapter 11 bankruptcy protection in September 2014. IFM sold a 15% equity interest in the project to U.S. pension fund CalPERS (10%), U.S. insurer Allstate (about 2%), and CBUS Super, an Australian superannuation fund for the construction industry (about 3%). In April 2021, an additional 15% interest was sold to Caisse de dTp(t et placement du QuTbec (CDPQ). Given the presence of separateness covenants, we view...
