Macquarie Atlas Roads (MQA) has completed a US$445 million acquisition of the remaining 50% shares it did not own in the Dulles Greenway toll road.
MQA also advises that an amount of US$175 million was drawn under an eight year bullet financing facility as part of the acquisition funding. The drawdown amount is below the originally anticipated requirement of US$200 million, which was advised to the market in February.
After this acquisition, MQA holds an estimated 100% economic interest in the project.
The Dulles Greenway toll road is a 22-km operating toll road, linking the Dulles International Airport to Leesburg, through Loudoun County, Virginia. The road is six lanes for most of its length, and can be expanded to meet future traffic demands. Over the last four years the Greenway has experienced compound annual traffic and revenue growth rates of 3.5% and 6.1% respectively.
Dulles Greenway is a relatively young toll road with operations having commenced in September 1995.
Kirkland & Ellis LLP advised MQA on the acquisition.