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Project Profiles

Indiana Toll Road


Northern Indiana

Project Sponsor / Borrower

Indiana Finance Authority (IFA), on behalf of Indiana DOT

Program Areas

P3Revenue - Road Pricing Revenue


Toll Road


In operation since 1956, the Indiana Toll Road (ITR) stretches 157 miles across the northernmost part of Indiana from its border with Ohio to the Illinois state line, where it provides the primary connection to the Chicago Skyway and downtown Chicago. The Indiana Toll Road links the largest cities on the Great Lakes with the Eastern Seaboard. Connections with I-65 and I-69 lead to major destinations in the South and on the Gulf Coast.

After his election in 2004, Governor Mitch Daniels tasked the Indiana Finance Authority (IFA) with the responsibility of exploring the feasibility of leasing the ITR to a private entity. IFA engaged Wilbur Smith to prepare a revenue analysis and Goldman Sachs to provide financial advice. These assessments led to IFA's release of a Request for Toll Road Concessionaire Proposals on September 28, 2005. Four teams submitted proposals by the October 26 deadline. The lease concession was awarded to Indian Toll Road Concession Company, LLC (ITRCC) comprised of an even partnership between Cintra of Spain and Macquarie of Australia. ITRCC submitted the highest bid of $3.8 billion. Other bidders included a group led by Babcock & Brown bidding $2.84 billion, an all Spanish group bidding $2.52 billion, and Kwame Parker, bidding $1.9 billion. A fifth group led by Abertis of Spain withdrew shortly before the deadline.

The ITR lease transaction was contingent upon authorizing legislation. House Enrolled Act 1008 (HEA 1008), popularly known as "Major Moves," was signed into law in late March 2006. On April 12, 2006, ITRCC and IFA executed the "Indiana Toll Road Concession and Lease Agreement" providing for a 75-year lease of the ITR. Pursuant to its terms, IFA agreed to terminate the current lease to the Indiana Department of Transportation, which had been operating the ITR for the previous 25 years. A ten-member board of directors oversees ITRCC and its operations of the Indiana Toll Road. ITRCC formally assumed operational responsibility for the ITR on June 29, 2006.


$3.8 billion

Funding Sources

Cintra Equity - $374 million

Macquarie Equity - $374 million

Senior bank debt - $3,030 million (backed by toll receipts)

Revenue Sources


Project Delivery / Contract Method

Not applicable

Private Partner

Equity partners: Statewide Mobility Partners Consortium - Cintra Concesiones de Infraestructuras de Transporte, S.A. (50%) and Macquarie Infrastructure Group/Macquarie Infrastructure Partners (50%)

Project Advisors

Goldman Sachs

Wilbur Smith


7-bank club (senior bank debt):

  • Banco Bilbao Vizcaya Argentaria SA
  • Banco Santander Central Hispano SA
  • Caja de Ahorros y Monte de Piedad de Madrid
  • BNP Paribas
  • DEPFA Bank
  • RBS Securities Corporation
  • Dexia Crédit Local

Duration / Status

75-year lease commenced June 29, 2006

Financial Status

Financial close June 29, 2006


  • First long term lease by a state of an existing public toll road in the United States.
  • The concession agreement establishes toll rates and possible increases and places limits on the return on investment for the concessionaire.

Related Links / Articles

Indiana Toll Road Official Site

Indiana Finance Authority - ITR Lease
This page of the IFA's website provides access to the important procurement and concession documents associated with the Indiana Toll Road long term lease.

Indiana Supreme Court Opinion to legal challenges to the long term lease

Indiana Policy Review by the Reason Foundation: Bottom-Line on Indiana Toll Road Deal


Not Available

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