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$3.8 Billion Indiana Toll Road Project Closes
White & Case Advised Winning Bidder ITR Concession Company LLC

Washington, DC, New York, July 5, 2006 ... White & Case advised on the nation's largest highway privatization - the $3.8 billion Indiana Toll Road project - which closed June 29th.  The Firm represented ITR Concession Company LLC, owned by Cintra Concesiones de Infraestructuras de Transporte, S.A. and Macquarie Infrastructure Group, which will lease, operate, maintain and toll drivers on the Indiana Toll Road for 75 years in exchange for an upfront rent payment.  The deal is expected to create myriad construction jobs in Indiana and help pay for hundreds of state highway projects over the next 10 years.

"This is currently the largest transportation infrastructure transaction of its kind in the United States, serving as a model for other states as they explore public-private partnerships to help fund much needed infrastructure projects," said White & Case project finance partner Ned Neaher, who, together with associate Tomer Pinkusiewicz, led the team advising the ITR Concession Company.  "Cintra and Macquarie are well-versed in these types of transactions, having also joined together for the $1.83 billion Chicago Skyway Toll Road project, which virtually eliminated Chicago's budget deficit.  We expect to see this trend of private participation in public infrastructure to continue, including the development of new transportation corridors and facilities in states such as Texas."

In addition to Neaher and Pinkusiewicz, the other members of the White & Case team included partner Linda Carlisle and counsel Maury Mechanick in Washington, D.C., and counsel Paul Milmed and associates Geoff Lanning, Carlos Canon, Imraan Mir and Nicolas Stein in New York.
     
White & Case has significant experience advising on toll road projects in the United States, South America and Europe.  In August 2005, the Firm represented Cintra and Macquarie Infrastructure Group in connection with the $1.4 billion Rule 144A/Regulation S monoline wrapped bond refinancing of the 99-year concession for the Chicago Skyway; it also advised on the financings of the Autopista del Maipo toll road project in Chile, the Costanera Norte toll road financing in Chile and the €750 million M5 Motorway Development Project in Hungary.  In 2005, Infrastructure Journal named White & Case "Transportation and Infrastructure Legal Advisor of the Year" and Project Finance International named it "Global Law Firm of the Year."  During the two years ending December 2005, White & Case successfully closed more than 100 project finance transactions with a value of more than $40 billion.

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