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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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