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Project Profile: Puerto Rico PR-22 and PR-5 Lease

Puerto Rico PR-22 and PR-5 Lease

photo credit: Puerto Rico Highways and Transportation Authority


Northern Puerto Rico

Project Sponsor / Borrower

Puerto Rico Public-Private Partnerships Authority

Puerto Rico Highways and Transportation Authority

Program Areas

Public Private PartnershipsTolling and PricingValue Capture


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 about 90% was 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 was spent in the first three years on "accelerated safety improvements."

Two reversible dynamic toll lanes between San Juan and Toa Baja (approximately 10 kilometers) were opened in August 2013 to automobiles during rush hours. Tolls vary by level of traffic congestion.


$1,436 million - Total Administrative Concession

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

Sources - $1,1461 million (debt/equity)

  • Senior bank debt - $725 million
  • Private equity - $421 million

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

  • Public Debt Defeasance on PR-22 & PR-5 - $902 million
  • Value Extraction - $178 million
Project Delivery / Contract Method Long-term Lease Concession (50 years)
Private Partner

Autopistas Metropolitanas de Puerto Rico, LLC

  • Goldman Sachs Infrastructure Partners II. L.P. (originally 55%, as of February 2013, 49%)
  • Abertis Infraestructuras (originally 45%, as of February 2013, 51%)
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)

The concession agreement was extended by 10 years on April 21, 2016 in exchange for an additional payment from the concessionaire to the project sponsor of $115 million. The Concessionaire's revenue share was also increased from 50% to 75% of future toll revenues.

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

Final Partnership Report (June 9, 2011)


Puerto Rico Public-Private Partnerships Authority

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