In early November, NYNJ Link Partnership reached financial close on its 40-year DBFOM availability payment contract with the Port Authority of New York and New Jersey to replace the unsafe Goethals Bridge.

Coming three years after the procurement began, the project financing consisted of $935 million in fixed-rate debt, which was split between $460.9 million in tax-private activity bonds (PAB) and a $471-million TIFIA loan obtained following a common term sheet process. Assured Guaranty wrapped $101.4 million of the PABs, marking its first P3 in the U.S. (The monoline has insured a number of UK P3 projects).