Ferrovial Details $21bn Present-Value Payment Schedule for $9.2B I-24 P3
FER is trading near its 52-week low of $48 (13% above the low).
Summary
Ferrovial quantified the I-24 Express Lanes concession: $21bn present value of payments to Tennessee DOT, $7.7bn of it during 2027-2033 construction, with revenue sharing only above base-case returns. Figures remain subject to financial close by July 2027.
Key Events · M&A and Partnerships · FER
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I-24 Payment Schedule Quantified
Present value of all payments to TDOT is $21bn, reconciling the $24.8bn award figure that mixed present-value and nominal components; the schedule carries the same present value as the original DriveTN offer.
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Construction Payments Peak at $1.1bn/Year
$7.7bn nominal is paid to TDOT during 2027-2033, about $1.1bn a year at peak, with the first payment of $1.50bn in 2027 — cash out before the road opens.
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Revenue Share Only Above Base Case
TDOT takes 12.5% of the first 200bps of IRR above base case, rising to 25%, 50% and 75% in successive bands; toll revenue above $3.20/mile (2025 dollars) is shared 50-90% in $1.60 steps.
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Financial Close Deadline July 2027
All payments are subject to amounts available at financial close, with 12 July 2027 the official deadline; the structure requires an investment-grade rating, with $0.5bn of operating-period payments outside that rating discounted at 8%.
Analysis · FER · Real Estate & Construction
Ferrovial has put hard numbers on the I-24 concession it won in August and closed commercially on September 30. The headline $24.8bn award figure mixed nominal and present-value components; on a consistent present-value basis, payments to Tennessee DOT total $21bn, the same value as the original offer. Of that, $7.7bn is paid during construction in 2027-2033, peaking at about $1.1bn a year — a large, visible capital commitment that will weigh on free cash flow before the road opens. The revenue-share terms are the other half of the story: TDOT participates only if the concession beats its base case, taking 12.5% of the first 200bps of excess IRR and rising to 75% beyond 600bps, plus 50-90% of toll revenue above $3.20/mile. That structure caps upside in a strong-traffic scenario but protects Ferrovial's base case. The 75/25 maximum leverage under the TIFIA term sheet was a procurement requirement, not a new balance-sheet decision. All figures remain subject to financial close, with the official deadline of 12 July 2027.
How filings like this one have moved
In the 30 days to Oct 27, 2026, 29.9% of the 1374 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.12%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, FER was trading at $54.24 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $36B. The 52-week trading range was $48.00 to $74.79. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.