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Project Profiles

Puerto Rico PR-22 and PR-5 Lease


Northern Puerto Rico

Project Sponsor / Borrower

Puerto Rico Public-Private Partnerships Authority

Puerto Rico Highways and Transportation Authority

Program Areas

P3Revenue - Road Pricing Revenue


Toll Highway


PR-22 (also known as the Jose de Diego Expressway) is a 52-mile, 4- and 6-lane toll highway that stretches westward from San Juan to Arecibo along Puerto Rico's northern coast. It is considered part of the U.S. Interstate Highway System as a component of the unsigned Interstate PR-2. The road was constructed over a period of 10 years beginning in 1971 and is the island's most heavily traveled. The journey along the nearest parallel untolled road averages about 45 extra minutes. PR-5 (Rio Hondo Expressway) is a 2.5-mile eastward extension of PR-22 to Puerto Rico's second most populous city (Bayamon) that opened in 2006.

An RFP to lease the two toll roads was issued in June 2010 and a preferred bidder selected one year later. The total $1.436 billion administrative concession will finance, rehabilitate, operate, and maintain the facilities over 40 years. Of that total, $1,080 million is an upfront payment of which at least 90% will be used to defease all outstanding tax-exempt toll-revenue debt ($902 million), and approximately $350 million will be expended on expected upgrades over the concession period, $56 million of which will be spent in the first three years on "accelerated safety improvements." Existing flat rate tolls (currently about 6.5 cents per mile and last increased by 45% in 2005 after 14 years) cannot be increased until 2014, and the rate is capped at the U.S. CPI plus 1.5%.


$1,436 million - Total Administrative Concession

  • $1,080 million - Lease Payment
  • $356 million - Upgrades and Safety Improvements

Funding Sources

Sources - $1,280 million debt/equity

  • $825 million - Senior bank debt
  • $455 million - Private equity

Uses of Lease Proceeds
$1,080 million - total lease payment

  • $902 million - Public Debt Defeasance on PR-22 & PR-5
  • $178 million - Value Extraction

Project Delivery / Contract Method

Not applicable

Private Partner

Autopistas Metropolitanas de Puerto Rico, LLC (55% Goldman Sachs Infrastructure Partners II. L.P., 45% Abertis Infraestructuras)

Project Advisors / Consultants

To the Government of Puerto Rico:

  • Financial and Procurement Advisor: Macquarie Capital
  • Technical Advisor: URS Caribe, Roper Industries
  • Local Legal Counsel: Pietrantoni, Mendez & Alvarez, LLP
  • U.S. Legal Counsel: Allen & Overy


12-bank club

  • Grupo Santander
  • Scotiabank Global Banking and Markets
  • RBC Capital Markets
  • Société Générale
  • Siemens Financial Services
  • Intesa San Paolo
  • ING Bank
  • Crédit Agricole Group
  • La Caixa
  • Caja Madrid
  • WestLB
  • Banco Popular de Puerto Rico

Duration / Status

Concession agreement signed June 27, 2011 (40-year lease)

Financial Status

Financial close September 2011


  • First P3 toll road under the Puerto Rico P3 Act of 2009 (and P3 toll road brownfield project in the U.S. since 2006)

Related Links / Articles

Puerto Rico Public-Private Partnerships Authority

P3 Authority Press Release (June 20, 2011)

Final Partnership Report (June 9, 2011)


Not available

Federal Highway Administration | 1200 New Jersey Avenue, SE | Washington, DC 20590 | 202-366-4000
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