Thursday, June 17, 2010

New wave of tax subsidized junk bonds coming down the Texas toll pike

Ferrovial Completes $2.8 Billion Bond Sale For Texas LBJ Highway


By Jason Sinclair
Dow Jones Newswires
Copyright 2010

MADRID (Dow Jones)--Spanish construction company Grupo Ferrovial SA (FER.MC) said Thursday it had completed a $2.8 billion bond sale to finance the construction of the LBJ highway, near Dallas, Texas.

Ferrovial said in a press release that the toll highway should be completed in 2013 and it will have a 52-year concession for the 21.2-kilometer road. Ferrovial is building and will manage the highway through its unit Cintra.

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