The market is also still absorbing QIC Ltd's whopping $1.78 billion purchase of the Iona Gas Plant in Victoria.
That debate is being waged in Australia, too, and intensified when Chinese-owned Landbridge came out with a knockout $506 million bid for the Port of Darwin.
With Skyway, you get the best of both worlds a quick and painless online quote process, and superior coverage from a reliable company. The deal comes as infrastructure investors, lenders and bankers worldwide debate whether the market is close to peaking. Skyway provides policies from UPC Insurance, the 18th largest writer of homeowners insurance in the nation. However, it does have the best part of 90-years left on a concession awarded by the City of Chicago in 2005. ITR is a major freight carrier servicing the United States' mid-west region which has a population of 65 million people and gross domestic product 2.2-times that of Australia. While the two roads are connected, they are quite different. The question for potential buyers is whether Skyway, a 7.8 mile tollroad, is worth more than IFM's ITR. Eleven convertible Mustangs were used for the ride, and only three are known to still exist. It is understood the two equity holders need a 30-plus multiple to ensure they walk away with something from the debt-laden tollroad and keep it out of the hands of creditors. This Mustang was used for the Disney -designed Magic Skyway Ride at the New York World’s Fair in 1965. Those 2005 bonds will mature next June, which has the clock ticking for Macquarie and Cintra. It's a big number when you consider that Skyway reported $US80.7 million toll road revenue last financial year. Goldman Sachs' New York office is running the sale as Street Talk revealed in early August.Ĭhicago Skyway owed $US2.3 billion when it last ruled the line under its books on December 31, with the bulk of its debt coming from two 2005 bond issues. Sources said there was also a Chinese bidder preparing an offer in time for binding bids at the end of the month. Macquarie is taking bids for the right to run the Chicago Skyway tollroad in the United States.
It's understood that number was too high for pre-deal favourite IFM Investors - who paid 32-times earnings for the neighbouring Indiana Toll Road earlier this year - which is out of the race and the auction shapes as a contest between Spain's Abertis Infraestructuras and a consortia of three Canadian pension funds advised by RBC Capital Markets. In airports around the world and rental car locations near you, get a great selection and price on rental cars, vans and trucks. Macquarie Group is seeking upwards of 35-times earnings for the Chicago Skyway tollroad in the United States, in an effort to recoup something on a $US1.8 billion ($2.5 billion) pre-credit crisis bet.Īs infrastructure investors and bankers around the world watch deal multiples skyrocket, attention has turned to the Chicago Skyway and Macquarie and partner Cintra's aggressive sale process to see whether it can eclipse the 35-times mark.
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