Capital Beltway

Transurban, the major investors in the toll concession on the $1.4b project to widen the Capital Beltway (I-495) in Virginia to 12 lanes have gone to financial close June 12 on $589m of Private Activity Bonds. The 40-year tax exempt bonds are costing Transurban a weighted average interest of 4.97%, an improvement on the 5.35% when the initial steps in the financial close were reported in December.

Virginia DOT, Transurban and Fluor have signed the contracts and gone to financial close for the construction of four toll lanes plus direct connector ramps on 23km (14 miles) of the Capital Beltway (I-495) in northern Virginia between the Springfield interchange and just short of the Maryland line at the Potomac River.

Virginia has reached agreement with Transurban DRIVe and Fluor on most of the details of a 75-year toll concession to build 22.5km (14 miles) of 2+2 HOT lanes on the Capital Beltway between the Springfield Interchange at I-95 through the Tysons Corner/Dulles Toll Road area. The project has grown in scope and cost to $1.4b for the design-build portion and $1.7b including financing and planning.