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Transurban and Fluor close on I-95 PABs
02 August 2012
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Transurban and Fluor have closed on $245 million in private activity bonds for the $925 million I-95 high-occupancy vehicle toll road project. The two tranches of the revenue bonds – $70.91 million maturing in July 2034 and a $174.1 million piece due in January 2040 – have coupons of 5% and yield 4.5%. JPMorgan, Goldman Sachs and Royal Bank of Canada are the underwriters of the bonds, which were issued through the Virginia Small Business Financing Authority tax-exempt conduit. Fitch Ratings and Standard & Poor’s rated the issue BBB-.
The proceeds of the issue will be lent to the project company, 95 Express Lanes LLC, which holds a 76-year design, build, finance and...
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