IFM Investors, which recently paid $5.75 billion for the Indiana Toll Road lease, moved quickly to refinance a portion of its bank debt with long-term notes that were issued on July 23 by ITR Concession Co. (ITRCC), the new operator of the 157-mile truck route.

The $1.05 billion in senior secured notes, rated BBB, are the first large, corporate toll revenue bonds issued without insurance. Last year’s PR-22 brownfield toll revenue