Research Update: ITR Concession Co. LLC's $530 Million Senior Secured Private Placement Notes Rated 'BBB', Existing Debt Ratings Affirmed

ITR Concession Co. LLC (ITRCC) is issuing $530 million of senior secured private placement notes due 2029-2052 to fully repay and terminate its 2018 and 2020 capital spending facilities, the termination of an associated swap and repay the outstanding amount under its revolving credit facility. It will use the remaining proceeds to fund a six-month debt service reserve account for the new notes and pay related transaction costs. The project is also raising a $290 million five-year capital expenditure facility (not rated). We assigned our 'BBB' issue-level rating to the private placement notes. At the same time, we affirmed our 'BBB' issue-level rating on ITRCC's senior secured debt, which comprises the private placement notes and the $1.05 billion 144A notes

...- ITR Concession Co. LLC (ITRCC) is issuing $530 million of senior secured private placement notes due 2029-2052 to fully repay and terminate its 2018 and 2020 capital spending facilities, the termination of an associated swap and repay the outstanding amount under its revolving credit facility. It will use the remaining proceeds to fund a six-month debt service reserve account for the new notes and pay related transaction costs. - The project is also raising a $290 million five-year capital expenditure facility (not rated). - We assigned our '###' issue-level rating to the private placement notes. At the same time, we affirmed our '###' issue-level rating on ITRCC's senior secured debt, which comprises the private placement notes and the $1.05 billion 144A notes due 2025-2040. - The stable outlook reflects our view that the project's traffic volumes will remain resilient in 2022 (particularly the heavy traffic that accounts for the majority of the toll road's revenue). We expect the project...

Research Update