LBJ Infrastructure Group

LBJ Freeway (Interstate 635) Project Financing

Industry
Infrastructure/Road
Area of finance
Project & Infrastructure Finance
Region
North America
Countries
United States

Deal Overview

Strong Sponsorship:- Cintra, APG, and Meridiam are among the leading private-sector transportation infrastructure companies in the world with years of experience in development, financing and long-term facility management of related assetsSolid Project Fundamentals:- Interstate 635 is a 37-mile...

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Strong Sponsorship:

- Cintra, APG, and Meridiam are among the leading private-sector transportation infrastructure companies in the world with years of experience in development, financing and long-term facility management of related assets

Solid Project Fundamentals:

- Interstate 635 is a 37-mile partial loop around Dallas, that sits between IH-20 in Balch Springs and SH-121 at the north entrance of the DFW International Airport and Grapevine. The highway is known locally as the Lyndon B. Johnson Freeway. As a partial loop corridor, IH-635 has interchanges with major highways in Dallas area, including from East to West, IH-20 in Balch Springs, US 80 and IH-30 in Mesquite, US 75 and IH-35E in Dallas, and SH 121 near DFW Airport.

- The Project is part of a sophisticated new Managed Lanes system in North Texas, designed to provide drivers with faster, more reliable trips and no stop-and-go driving

- Since opening for traffic, revenues have performed better than the original base case (prior to COVID-19). The lanes have experienced a strong growth since the opening year, with transactions and revenues steadily increasing since the Project was fully opened in late 2015

- While the transportation sector was affected by the outbreak of COVID-19, the Project has demonstrated a high degree of resilience and has since rebounded to pre-COVID levels

- Fitch and Moody’s have rated the private placement BBB and Baa2 which validates the Project’s ongoing fundamental importance to the area

Financial Highlights:

- MUFG served as Joint Book-Running Manager, Joint Lead Arranger, and Issuing Lender

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Deal Volume
$ 725.1m
Financial Close
16 December 2021
Sources
Submitted by participant(s)

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Projects

LBJ Freeway Project (Interstate 635)

Brownfield
Road
North America
United States
$ 2.6bn