Chile's Santander Investment Securities is preparing a $280 million project financing backed by a securitization of road toll payments for GTM Group. GTM, a French company involved in infrastructure concessions for road construction, recently signed a contract with the Chilean government to administer and modernize a 100-kilometer segment of a highway in southern Chile.

In return, GTM has the right to collect highway tolls. Those payments will back the bond issuance. Monoline XL Capital will insure the deal, which is expected to hit the local Chilean market in the third quarter.

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