Circuito Exterior Mexiquense

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In 2003, the Government of the Estado de Mexico awarded a 30 year contract to build, operate and transfer a toll road that links four radial highways and circumvents Mexico City to Concesionaria Mexiquense SA de CV (Conmex). The Circuito Exterior Mexiquense was a 152.7 km long four-lane toll road that bypasses Mexico City in the North and East, connecting four highways from Mexico City to Queretaro, Pachuca and Puebla. The project was set to be developed in four phases: The first was a 52.7 km road between Jorobas and Penon; the second was a 37 km road between Texcoco and Chalco; the third was 19 km and connected Tultepec with Lago de Guadalupe; the fourth phase was 44 km long linking Chalco and Nepantla. Conmex was formed by Obrascon Huarte Lain (Grupo OHL – 74.55%) and Compania Espanola de Financiacion del Desarrollo (Cofides – 25.45%). The total cost for the four phases of the project was estimated at US$761.5 million (8,581 million pesos). The first phase of the project had an estimated cost of US$352 million (3,970 million pesos) and reached financial closure in October 2004. BBVA-Bancomer, Banco Nacional de Obras y Servicios Publicos (Banobras –Mexico’s National Bank of Public Works and Services) and Instituto de Credito Oficial (ICO –Spain’s export credit agency) provided in equal parts a US$205 million (2,310 million pesos) credit facility in local currency to for the first phase of the project. The remaining US$147 million was being financed by Conmex’s shareholders. Construction for the first phase began in 2004 and in November 2005 it began operating. According to the contract, construction of the remaining phases was to be triggered by meeting pre-specified traffic levels in the operating toll road. In June 2009, OHL cloased a 12 billion pesos loan to refinance existing debt and finance phases II and III of the road. BBVA contributed Ps2.5 billion, Banorte Ps2 billion, ICO Ps1.876 billion, Santander Ps1.625 billion, and Banobras Ps4 billion. The 15-year debt was oversubscribed. 5.5 billion was OHL's equity contribution. The total investment cost of phase II and phase III was approximately US $400 million. Construction work on the second phase began officially on April 29 2006, beggining with a 6 km stretch between Penon-Texcoco-Bordo de Xochiaca. Source: http://transparencia.edomex.gob.mx/saascaem/informacion/avanceobra/circuitoexteriormexiquense.pdf Estimated costs of the project: Phase 1: 3,970 million pesos Phase 2: 2,000 million pesos Phase 3: 1,496 million pesos Phase 4: 1,115 million pesos Source: http://transparencia.edomex.gob.mx/saascaem/informacion/avanceobra/circuitoexteriormexiquense.pdf