Ferrovial's shares rose 8.44% in the Ibex 35 after publishing the financial conditions of the I-24 toll lanes project in Nashville, with total payments of $21 billion.
According to news.jkn.co.kr, shares of Ferrovial advanced 8.44% on Ibex 35 to €48.84, up from €45.04 at the previous close. The movement came after the company detailed the financial conditions for the commercial closure of the I-24 Express Lanes project, a dynamic toll lane initiative in Nashville (Tennessee), led by a consortium headed by the company.
The information provided by Ferrovial sets the total payments to the Tennessee Department of Transportation (TDoT) at $21 billion. This figure clarifies the initial award amount of $24.8 billion, which combined nominal and current values.
During the construction phase, scheduled between 2027 and 2033, nominal disbursements to the TDoT will reach $7.7 billion, with a maximum close to $1.1 billion annually.
In the operational phase, payments will start at $470 million in current value between 2036 and 2040 and will rise to $5.63 billion between 2076 and 2085.
Regarding financing, the maximum leverage allowed under the federal TIFIA program is 75% debt and 25% equity.
The agreement also includes a revenue-sharing arrangement with the TDoT when tolls exceed $3.20 per mile at 2025 prices. The public share will be 50% between $3.20 and $4.80, 75% between $4.80 and $6.40, and 90% above $6.40.
During the session, the shares fluctuated between €47.83 and €49.99, with a volume of 3,535,000 shares. Despite the increase, the stock remains 23.1% below its 52-week high of €63.54. The Ibex 35 closed at 19,160.6 points, up 0.67%.
Ferrovial has called a conference with analysts and investors on October 28 at 15:00 (CET), where it will present this information and provide details on the I-285 Express Lanes project in Atlanta (Georgia).
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