Public Finance Team Represents 73 Toll Road in $1.4 Billion Refinancing

Represented the San Joaquin Hills Transportation Corridor Agency, in the refinancing $1.4 billion of its $2.2 billion in outstanding debt issued to fund construction of the 73 Toll Road. The bond issue was well received by the market with $2.5 billion in orders for a bond issue sized at $1.4 billion reflecting the 73 toll road's performance, rating upgrade and confidence in the credit profile.

Successful completion of the transaction required the solicitation of consents to indenture amendments from the owners, the insurer of the Agency's bonds, and the upgrading of the Agency's credit ratings. The savings to the Agency and the users of its toll road substantially exceeded the Agency's goals - not only was the overall debt service structure made sustainable, but annual debt service in the peak year was reduced by over $80,000,000.