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Promotora y Operadora de Infraestructura (Pinfra), a company which owns and operates concessions of infrastructure projects in Mexico, has refinanced the bond debt of its Mexico-Toluca toll road.
The refinancing has been done through a P4500 million (US$339 million) bank loan granted by Banco Nacional de Obras y Servicios (Banobras) and BBVA Bancomer. Pinfra has also added equity with a value of P397 million (US$30 million).
The project total investment was US$400 million. At the time, the project was the largest project bond structured in the Mexican market. The project was closed on 7 April 2006.
The project is a 21 km limited access highway between Mexico and the city of Toluca, in the state of Mexico. Operational for 15 years the toll road had become one of the most expensive routes in Mexico on a per kilometre basis.
The Mexican highway sector has been active this summer. In August Red de Carreteras de Occidente (RCO) signed a new credit line with Banco Inbursa, S.A. as part of its refinancing plan.
The transport and communications ministry (STC) announced that 13 companies are competing for the Tuxpan-Tampico highway concession in Veracruz.
Additionally, in June, the STC awarded the concession contract to build the Obregón Bypass project to a consortium formed by Spanish and Mexican companies. And Portugal's Mota Engil emerged as the preferred bidder for the concession contract to develop the Cardel-Poza Rica highway.