USD 653 Million Private Activity Bond Deal Will Fund P3

Baker McKenzie represented BofA Securities, Inc. and Barclays Capital, Inc. as underwriters in connection with a private activity bond offering issued by the Texas Private Activity Bond Surface Transportation Corporation on behalf of the project company and developer, NTE Mobility Partners Segments 3 LLC Segment 3C. The principal amount of USD 653 million raised will finance the construction of an additional approximately 6.7 miles of managed toll lanes along I 35-W in the Dallas - Ft. Worth transportation corridor. 

Managed lanes leverage technology to monitor traffic patterns in real time allowing prices to be adjusted accordingly as traffic fluctuates in order to ensure a minimum speed at all times within the tolled lanes. The project is located within a heavily congested NAFTA trade corridor in the large and growing Dallas-Fort Worth region in Texas. The expansion of existing managed toll lane infrastructure along this route will further help to alleviate congestion in one of the nation’s most rapidly expanding metropolitan areas with otherwise few good transportation alternatives.

NTE Mobility Partners Segments 3 LLC Segment 3C the project company and developer has three shareholders including Cintra, a world leader in private-sector development of transportation infrastructure; Meridiam, a global public-private partnership investor/developer of public facilities; and APG. 

NTE will be responsible for Operation & Maintenance activities both post substantial completion and during construction on all segments. Segments A and B are operational and, although the facility's operating history is brief; its performance to date has been very strong.

Commenting on the deal, Baker McKenzie's Global Energy, Mining and Infrastructure Chair José Morán said, "We are delighted to bring our deep bench strength and knowledge of infrastructure, project finance, capital markets and transportation to assist in this major P3 project."

Baker McKenzie's team was led by partners José Morán, Mark Tibberts, Emeka Chinwuba with support from Carol Stubblefield, Juan Gonzalez, Ryan Bingham, Maria Diago and Joseph Folds.

The Firm's Capital Markets team regularly advises many of the leading international banks, issuers and financial institutions in structuring, negotiating and documenting a wide variety of capital markets transactions including IPOs, cross-border listings, debt (including project bonds), equity and equity-linked issues and public acquisitions and divestitures.  Further, on the Projects side, we advise sponsors, developers, lenders, financial institutions, investment funds, governments and governmental agencies on projects and their financing across a wide range of industry sectors, including oil and gas, power, renewable energy, transport, water and social infrastructure. 


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