Operis is delighted to have supported Transurban in reaching financial close on the 495 Express Lanes Northern Extension project (NEXT), providing a full audit of the financial model at both bid stage and financial close.

As part of the project, the existing 495 Express Lanes will be extended four kilometres towards Maryland, which will improve congestion levels in the local area. The construction of new bicycle and pedestrian connections is also planned.

As well as raising $394m of new debt financing, the project will also benefit from the refinancing of its existing debt facilities: PABs issued in 2008, and a TIFIA loan.

Operis has previously worked with Transurban on the I-395 Express Lanes and the I-95 and I-495 HOT Lanes projects.

Mark Southall, Associate Director at Operis, said “We were delighted to provide model audit services for this important project to improve transport infrastructure in Virginia, and would like to congratulate all parties involved in reaching financial close.”

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