Atlas Arteria poaches North America exec from Transurban
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The news: Toll road operator Atlas Arteria has hired a senior executive from bigger rival Transurban to boost its operations in North America.
The numbers: The company has appointed Amanda Baxter as group executive for North America and corporate development. Most recently, she led business development and operational delivery across Transurban’s toll road portfolio in North America for the last five years.
The context: Baxter will start her role on 20 May. The appointment bolsters Atlas Arteria’s capability in North America and follows the launch of a new operating model in November 2023, the company said. Atlas Arteria, which owns and operates five toll roads in the US, France and Germany, reported a lift in full-year net profit in February, with traffic increasing on most of its toll roads.
Separately, the company said its Chicago Skyway business is raising USD205 million ($313 million) by way of debt in the US private placement market.
The notes have a term of 10 years and an all-in coupon rate of 6.01%, 150 basis points higher than the 10-year US Treasury yield. The proceeds will be used to repay existing notes worth USD115 million that are maturing as well as reduce USD90 million of bank debt, Atlas Arteria said.
The sources: ASX announcement, ASX announcement
