Spanish infrastructure group Ferrovial has completed the refinancing for the LBJ Express Highway in Texas, the US.

The company secured the financing through the LBJ Infrastructure Group consortium headed by its subsidiary Cintra, with a bond issue for an initial nominal amount of $544.5m, which was ultimately extended to $622m.

The deal includes $537.5m tax-exempt private activity bond (PAB) and a $7m taxable bond, which will be used by Ferrovial to refinance its 2010 tax-free bond.

According to the Spanish firm, the deal received strong interest from investors.

LBJ Express is a 21.4km toll road located in the Greater Dallas area. It represents an investment of more than $2.57bn and is under concession until 2061.

The new toll road has been designed to enhance the road capacity of the former LBJ, with the addition of six tolled lanes on the I-635 segment and four on the I-35 segment.

LBJ is said to be one of the most congested roads in the US.

Ferrovial’s subsidiary Cintra, which owns a 54.6% stake, heads the consortium that has built and is currently maintaining the toll road.

Cintra is said to be one of the major developers of transportation infrastructure in the world in terms of its number of projects and volume of investment.

Last month, Webber, a US subsidiary of Ferrovial, secured a $115m highway upgrade contract from the Texas Department of Transportation (TxDOT).

Under the contract, Webber will be responsible for upgrading the IH 35 in Laredo, Texas.