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LBJ Infrastructure: Out with a bang
29 July 2010
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[lbj]
[cintra]
[tifia]
[pab]
[meridiam]
The I-635 managed lanes bond issue is the third PPP to close in Texas, and the third private activity bond to close for a US toll road. The $2.7 billion project surpassed the recently-closed North Tarrant Express managed lanes in both cost and size, setting a new benchmark for private infrastructure investment in the state. It may be the state’s last PPP deal, because privately-run toll roads are now subject to a legislatively-imposed moratorium.
Concessionaire LBJ Infrastructure Group, made up of sponsors Cintra (51%), Meridiam Infrastructure Finance (42.4%) and Dallas Police and Fire Pension System (6.6%), used a financing structure almost identical to North Tarrant. The Texas Private Activity Bond Surface Transportation Corporation, a conduit for Texas PPP projects, issued $615 million in public activity bonds, while the project company borrowed an $850 million subordinated and backended TIFIA loan.
The PABs, which have a final...
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