Shearman And Sterling

News May 28, 2015

Shearman & Sterling Advises Lenders in Project Financing for $5.7 Billion Acquisition of Indiana Toll Road

Shearman & Sterling acted as designated lenders’ and underwriters’ counsel in connection with the financing for the $5.7 billion acquisition of ITR Concession Company LLC (ITRCC), concessionaire and operator under a 75-year concession and lease agreement of a 157-mile (253 km) toll road in northern Indiana. IFM Investors, acting on behalf of IFM Global Infrastructure Fund, as the winning bidder in a bankruptcy auction of ITRCC’s assets, acquired ITRCC with the funds from the financing and will use certain of the funds for capital expenditures in the operation of the toll road. To date, this acquisition is the largest non-recourse project financing for an existing public infrastructure asset.

ITRCC was purchased through a bidding process conducted in connection with ITRCC’s Chapter 11 bankruptcy proceeding and is the largest acquisition of a public infrastructure asset out of bankruptcy. The bidding process was conducted pursuant to a prepackaged plan of reorganization and run by a special committee of the Board of Directors of ITRCC.