Landmark Notes Issuance for Jamaican Highway Project

This article provides an overview of the structure and credit highlights of the US$225 million 5.75 percent senior secured notes issued by TransJamaican Highway Limited, the Jamaican toll road concessionaire. The bond issueance was highly successful as a result of several factors: the toll road is strategically located, the asset is fully operational, the operator has managed the toll road since its inception, and the financing package include adequate structural protections.