Primary Revenue Pledge
Fiscal Year Closed
Commercial close (Comprehensive Development Agreement [CDA] execution) occurred on September 4, 2009. Construction began in January 2011. Substantial completion was reached on September 15, 2015 with all lanes open to traffic.
Private Activity Bonds (PABs): $606M
TIFIA Loan: $850M
Equity Contribution: $672M
Public Funds: $487M
Project Delivery/Contract Method
LBJ Infrastructure Group, LLC: Cintra Concesiones de Infraestructuras de Transporte, S.A., Meridiam Infrastructure Finance, Dallas Police and Fire Pension System ;Ferrovial Agroman, S.A., W.W. Webber, Inc., Bridgefarmer & Associates, Inc.
Macquarie Capital (USA) Inc.- Financial Advisor
White & Case LLP - Counsel to the Concession Company
Bracewell & Giuliani LLP - Counsel to the Concession Company
Arup - Sponsor's Traffic Consultant
Hatch Mott MacDonald - Lenders' Traffic Advisor
To USDOT TIFIA JPO:
TIFIA Legal Advisor: Hawkins Delafield & Wood, LLP
TIFIA Financial Advisor: Montague DeRose and Associates, LLP/High Street Consulting Group, LLC
Bondholders; USDOT TIFIA
Credit Assistance Detail
Direct loan: $850 million. The TIFIA loan will be repaid with project revenues, which include all income, tolls, revenues, rates, fees, charges, rentals, or other receipts derived by or related to the operation of the project.
The TIFIA credit agreement was executed in June 2010. Interest payments are set to begin in 2020, with principal payments to start in 2036; final loan maturity is expected to occur in 2040.
When completed, this project will have one of the most comprehensive managed HOV lane systems in the country, deploying Automatic Vehicle Identification (AVI) technology capable of reading the transponders of passing vehicles.
Innovative financing package includes PABs and TIFIA credit assistance.