Transurban has reached financial close on the 495 Express Lanes Northern Extension Project (NEXT). The project will extend the existing Express Lanes 4km north towards Maryland. Early construction works have commenced with project opening expected in 2025. 

495 NEXT is a critical P3 infrastructure project for the greater D.C. area that will greatly benefit drivers, local stakeholders, residents, and the Commonwealth of Virginia through the development of essential regional infrastructure. 

A total of five different sources of capital were raised for the project, including both senior and subordinate debt across funded and delayed draw financing structures:

• $357.6mm tax-exempt Private Activity Bonds proceeds, including $133.0mm in newly issued bonds to finance 495 NEXT construction and development, and $224.7mm to refund outstanding PABs
• $840.7mm taxable Subordinate Revenue Refunding Note to refinance the outstanding CBE TIFIA Loan as a bridge to a newly issued TIFIA Loan 
• $49.0mm state government infrastructure bank (Virginia Transportation Infrastructure Bank, “VTIB”) loan 
• $212.0mm federal government TIFIA Loan for 495 NEXT construction and development, and $840.7mm federal government TIFIA Loan to ultimately refinance the SRRN, and
• $316.3mm of equity from Transurban Chesapeake to fund construction and development.

Debt financing for the the Project was issued at fixed rates and has final maturities of 2057 and 2060.