IFM Investors to acquire Indiana Toll Road Concession

New York — IFM Investors, on behalf of IFM Global Infrastructure Fund, has entered into a definitive purchase and sale agreement to acquire ITR Concession Company LLC (ITRCC). ITRCC is party to a Concession and Lease Agreement between ITRCC and the Indiana Finance Authority (IFA), pursuant to which ITRCC operates and maintains the Indiana Toll Road, a 157-mile, limited access, divided highway in the state of Indiana. The road spans northern Indiana, from its border with Ohio to the Illinois state line near Chicago, feeding directly into two toll roads at the state lines – the Chicago Skyway in the west and the Ohio Turnpike in the east. The Concession Agreement requires ITRCC to operate and maintain the road and grants ITRCC the exclusive right to collect toll revenues from the toll road during the term of the Concession Agreement, which has a remaining life of 66 years.

IFM Investors has agreed to pay $5.725 billion for ITRCC. The closing of the transaction is subject to obtaining necessary third-party and government authorizations and approvals, including the approval of the IFA.

ITRCC is party to a voluntary bankruptcy proceeding under Chapter 11 of the Bankruptcy Code. Pursuant to a prepackaged plan of reorganization of ITRCC confirmed by order of the Bankruptcy Court, the Special Committee of the Board of Directors of ITRCC was granted the authority to run a competitive bidding process for the sale of ITRCC and to approve a sale of ITRCC. Pursuant to such authority, the Special Committee has approved the sale of ITRCC to IFM Investors under the terms of the purchase and sale agreement.

IFM Investors is a global pioneer and leader in infrastructure investing, infrastructure asset management and operations and maintenance. IFM Investors regards ITRCC as an attractive investment for its infrastructure portfolio. Julio Garcia, Head of Infrastructure – North America at IFM Investors said: “We believe this is a unique opportunity to invest in a high quality United States transportation infrastructure asset. IFM Investors views the Indiana Toll Road as an essential operating asset for its strategic geographical position, long concession duration and inflation and GDP-linked tolling regime. ITR is strategically important to the North American transportation network. We are committed to maintaining the asset to a high standard that provides maximum availability and usability for customers.”