News / Financial Close reached for US-36 road P3 project

Financial Close reached for US-36 road P3 project

🕔 February 28, 2014
RFP issued for sewage project in Saudi Arabia

The Colorado Department of Transportation (CDOT) has announced that the US 36 Express Lanes/Bus Rapid Transit project has achieved financial close.

On April 11, a team formed by Plenary Group, Ames Construction, Inc., Granite ConstructionHDRTransfield Services and Goldman Sachs, won the US-36 Managed lanes toll concession project.

The project will be developed on a design, build, finance, operation and maintenance (DBFOM) basis. The agreement will be structured as a toll concession and will have a term of 50 years.

The project has been financed with the following structure:

  • US$20.4 million of series 2014 tax-exempt private activity bonds to be issued by the Colorado High Performance Transportation Enterprise (HPTE) on behalf of Plenary Roads Denver, LLC. Fitch Ratings gave it a 'BBB-' rating.
  • US$60 million Transportation Infrastructure Finance and Innovation Authority (TIFIA) subordinate project loan to Plenary Roads for Phase 2 of the US 36. Fitch gave it a 'BBB-' rating.
  • US$20.6 million junior subordinate loan from Northleaf Capital.
  • As part of the Plenary Roads financing plan, the outstanding US$55.4 million senior TIFIA loan to HPTE, issued in conjunction with Phase 1 of the US 36 and also rated 'BBB-,' will be assumed by Plenary Roads upon successful completion of Phase 1 of the project.

Final pricing for the PABs provided an all-in average interest cost of 5.94%. The interest rate on the Phase 2 Loan is 3.68%.

The Plenary-led team will construct six miles of existing US36 from 88th Street to Table Mesa and add a managed lane in each direction. The concessionaire will also be responsible for operations and maintenance of managed lanes in the complete US 36 corridor and the existing I-25 Express Lanes.

League Tables

InfraPPP accepts project & transaction submissions to ensure that the data we have in our databases is accurate.

Download Submission Form  Download Submission Form


Subscribe to our newsletter and get in your inbox jobs, news and business opportunities.

Oman Power & Water Procurement Company
The Africa Energy Forum (AEF MAURITIUS)
Spring Special Sidebar

Follow us on Twitter