Austin, Texas Metropolitan Area
|Project Sponsor / Borrower||
Texas Department of Transportation (TxDOT)
SH 130 Concession Company, LLC
SH 130 is a four-lane, 91-mile toll road east and south of Austin designed to relieve congestion on the heavily traveled I-35, the primary north-south route through Central Texas. Segments 1-4 of SH 130 (which are part of the Central Texas Turnpike System that includes SH 45 North and Loop 1) were constructed as a separate project and opened in stages between November 2006 and April 2008.
On March 22, 2007, TxDOT signed a Comprehensive Development Agreement (CDA) with the SH 130 Concession Company to design, build, finance, operate, and maintain a 40-mile extension of SH 130 (Segments 5 and 6) under a 50-year concession from the date of opening. The project opened to traffic on October 24, 2012 and service commenced on November 11, 2012. The extension follows the current US 183 alignment from north of Mustang Ridge to north of Lockhart and extends southwest to I-10 northeast of Seguin.
Senior bank loans - $685.8 million
TIFIA loan - $430 million
Private equity - $209.8 million
Interest income - $2.3 million
|Project Delivery / Contract Method||
DBFOM (design, build, finance, operate and maintain)
SH 130 Concession Company, LLC (originally a joint venture of Cintra Concesiones de Infraestructuras de Transporte, S.A. and Zachry American Infrastructure)
|Project Advisors / Consultants||
AECOM/Maunsell - Project's Traffic Consultant
Capita Symonds - Lenders' Traffic Auditor
Atkins International Ltd. - Lenders' Technical Advisor
To USDOT TIFIA JPO
|Duration / Status||
Construction began in April 2009
Opened to traffic in October 2012; service commenced in November 2012
|TIFIA Credit Assistance||
Direct Loan - $430 million
The TIFIA loan is secured by a lien on Project Revenues subordinate to the lien securing Senior Lien Obligations, which are bank loans, and is senior to the equity to be provided by investors.
|Financial Status / Financial Performance||
Financial close on March 7, 2008
TIFIA loan agreement signed on March 7, 2008
The first TIFIA interest payment is scheduled for June 2017. Principal repayments are scheduled to begin in 2018.
The final maturity of the TIFIA loan is June 2047. A $35 million bank liquidity facility and contingent equity was available to meet senior and TIFIA debt service obligations in the first five years of operation but was fully drawn in the first few years of operation after toll revenues fell well short of forecasts. In addition a 12-month debt service reserve account will be established beginning in year six of operations and will be in place through the final maturity of the TIFIA loan.
Despite increasing traffic levels in 2015, SH 130 Concession Company filed for Chapter 11 bankruptcy protection in federal court in March 2016. On September 9, 2016, Cintra relinquished ownership of the facility to its creditors but will continue to operate the facility for 18 months.
|Related Links / Articles|
SH 130 Concession Company