Transurban successfully reached financial close on 25th July 2017 for the I-395 Express Lanes project, located near Washington, Virginia in the USA.
The project involves an 11km extension to Eads Street, an upgrade of the two existing High Occupancy Vehicle lanes to express lanes and the addition of an extra lane. The result will significantly reduce traffic congestion, offer new travel choices and enhance Pentagon access.
Construction on the US$475 million project is scheduled to begin immediately and will be completed in late 2019. The debt for this project includes private activity bonds worth US$234.5m and a loan from Virginia Transportation Infrastructure Bank of US$45m.
Operis provided a full model audit along with a review of the accounting treatment for Transurban.
