Chicago Skyway Concession and Lease Agreement Signed

Macquarie Infrastructure Group (MIG) and Cintra Concesiones de Infraestructuras de Transporte (Cintra) today signed the Chicago Skyway Concession and Lease Agreement for the 99 year lease of the Chicago Skyway (the Skyway) with the City of Chicago.

The City of Chicago approved the sale of the Skyway to the MIG-Cintra consortium for US$1.83bn (A$2.46bn). As agreed with the City this amount has been adjusted for movement in the 10 year Treasury note yield from 12 October 2004.¹

MIG and Cintra now have 90 days to reach financial close at which time details of the financial structure will be finalised.

Mr Stephen Allen, Chief Executive Officer of MIG said: “The signing of the Concession agreement marks the beginning of our long term relationship with the City of Chicago and road users. We are delighted to have been given the opportunity to provide much needed high quality infrastructure to Chicago as the road network becomes increasingly congested.

MIG now has investments in two major roads in the United States (Skyway and greenfields project SR125 South in San Diego). MIG will continue to look for opportunities to expand its investments in the United States; this is an integral part of our strategy to develop our portfolio of roads worldwide,” Mr Allen said.

¹ Since bid date this yield has fallen by 10 bps. The expected equity return to be achieved by the Consortium has not been negatively impacted by this change. The expected equity return is based on certain assumptions which, if not achieved, may affect the return.

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