Robust traffic and revenue forecasts throw open the gates on public benefits for Virginians, by William G. Reinhardt, editor
The Nov. 10 financial close on the I-66 toll concession in Virginia raises the bar for developers of demand-risk P3s in the U.S. The full public benefit of the 50-year deal negotiated by Virginia’s Department of Transportation (VDOT) is over $4 billion. That includes 22.5 miles of tolled express lanes built at no cost to the state, plus a $571-million concession fee paid at financial close.
Those commitments were financed with debt and a huge equity check—$1.5 billion, which amounts to 56% debt/capital. The project debt includes $737 million in senior lien PABs and a $1.229-billion subordinate TIFIA loan, both substantially back loaded.
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