financing

North Carolina Turnpike Authority (NCTA) have financed their first tollroad, the Triangle Expressway, raising $1,010m. Last Friday they executed a federally supported TIFIA loan for $387m, while on Monday and Tuesday they sold $270m of toll revenue bonds and $353m of state appropriation revenue bonds.  The appropriations pledged bonds relate to 25m/yr committed from the state treasury for the project.

North Carolina Turnpike Authority are planning to offer bonds to finance the Triangle Expressway July 1 hoping to start work a couple of weeks later on the billion dollar tollroad on the west of Raleigh. Their bonds were only rated BBB- which means they could pay a couple of percentage points higher than A-rated bonds. But they have legislative approval  (SB750) to do a refinancing whenever market conditions make that advantageous.

TOLLROADSnews 2009-05-28

North Carolina Turnpike Authority (NCTA) has a new financing strategy to move the Triangle Expressway project that has been stalled the past seven months by the financial meltdown - doing revenue bonds and gap-bond sales separately. Chief executive of the Turnpike David Joyner told us today: "We've got a new plan of finance that we're hopeful will get us out of the impasse. It's a bifurcation of the revenue into two streams to service two separate sets of bonds."

North Texas Tollway Authority (NTTA) have announced that they've succeeded in the completing the longterm financing of the $3.2b concession fee they paid Texas Department of Transportation for the 50 year right to toll the 28 mile (45km) section of SH121 north of Dallas now known as 121 Tollway. To make the $3,200m upfront payment to the state on the toll concession last November NTTA issued a set of short term bond anticipation notes (BANs) which are now expiring.

Massachusetts Turnpike is talking most about it, but a number of toll authorities are facing higher financing costs or difficulties associated with turmoil in the financial markets. The Mass Turnpike Authority today delayed refinancing $127m of 'auction rate' Big Dig borrowings because of doubts about the strength of Ambac, one of the big bond insurers.

North Carolina Turnpike Authority (NCTA) has issued a Request for Expressions of Interest in subordinated loans to fill a gap in financing of the Triangle Expressway project. Earlier the Turnpike said it needed support from the state to cover the difference between the debt service costs of prudent financing and the prospective revenue.

KOREA

Seoul Airport pike to Inchon

MEXICO

“Gross misculation” messed pikes — World Bank