03 03 2016

Canadian Pension Funds Buy Chicago's Toll Road for $2.8 Billion

Shearman & Sterling acted as private placement noteholders’ and designated lenders’ counsel in connection with the financing of the $2.8 billion acquisition of Skyway Concession Company, which operates, manages and maintains the Chicago Skyway toll road under a 99-year lease pursuant to a public-private partnership (P3) with the City of Chicago, which owns the Skyway.


The consortium, comprising Canada Pension Plan Investment Board, Ontario Municipal Employees Retirement System and Ontario Teachers’ Pension Plan, was the winning bidder in the sale by the prior holders of the Skyway lease in November 2015. Skyway is a 7.8-mile (12.6-kilometer) toll road that forms a link between downtown Chicago and its south-eastern suburb. The Chicago Skyway Concession was awarded to Ferrovial and its partners for $1.83 billion in 2005. The Shearman & Sterling team included partners Robert Freedman (Picture) (New York-Project Development & Finance), Cynthia Urda Kassis (New York-Project Development & Finance) and Malcolm Montgomery (New York-Real Estate); counsel Paul Epstein (New York-Project Development & Finance); and associates Jackson Murley (New York-Project Development & Finance), Monica Li (New York-Project Development & Finance), Alyssa Cowley (New York-Corporate) and Alex Rosenthal (New York-Corporate). Involved fees earner: Robert Freedman - Shearman & Sterling; Cynthia Urda Kassis - Shearman & Sterling; Paul Epstein - Shearman & Sterling; Jackson Murley - Shearman & Sterling; Monica Li - Shearman & Sterling; Malcolm Montgomery - Shearman & Sterling; Alyssa Cowley - Shearman & Sterling; Alex Rosenthal - Shearman & Sterling;

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