Metropistas looks to borrow $424 million for roads improvement

By The Star Staff

Metropistas, a subsidiary of Spanish infrastructure firm Abertis, plans to borrow $424 million through a bond issue to fund capital projects for four Puerto Rico toll roads, according to Bloomberg.

The Public Finance Authority (PFA), a Wisconsin-based issuer, approved the bond sale for Puerto Rico Toll Roads LLC at a June 26th board meeting. PFA would loan the proceeds it borrows to Puerto Rico Toll Roads (PRTR), which is part of Metropistas.

Wilmarie Rivera, a communications manager at Metropistas, said Puerto Rico Toll Roads is still evaluating financing options, according to Bloomberg.

“PRTR has commenced a preliminary analysis for possible PABs issuance through PFA,” Rivera wrote in an email to Bloomberg, referring to the debt instruments known as private activity bonds. “PRTR is still in the early stages of the process and continues to analyze several other financing solutions.”

Abertis did not reply to requests for comment.

In December, the government and Metropistas closed the public-private partnership (P3) for toll roads PR-20, PR-52, PR-53 and PR-66.

The P3 contract with PRTR will pay the Highways and Transportation Authority (HTA) a concession fee of about $2.85 billion that will enable the HTA to pay off its about $1.6 billion outstanding debt, including the approximately $360 million loan from the Puerto Rico government, under the redemption provision in the HTA Plan of Adjustment.