Fact Sheet: SH 130 Segments 5 and 6 Project
Austin – San Antonio, Texas
Approved FY 2008
Borrower
http://www.mysh130.com/
SH 130 Concession Company LLC, a joint venture of Cintra and Zachry American Infrastructure.
Description
Segments 5 and 6 of State Highway 130 will form a 40-mile link through Travis, Caldwell and Guadalupe counties southeast of Austin to I-10 near Seguin, Texas. The Project is a continuation of the northern four segments of SH 130 – from Georgetown in Williamson County to Mustang Ridge in southeast Travis County, which were developed by the Texas Department of Transportation. When Segments 5 and 6 are complete, SH 130 will be a new 91-mile tollway intended to provide needed relief to the highly congested I-35 through Central Texas.
On March 22, 2008, the SH 130 Concession Company entered into a Facility Concession Agreement (FCA) with the Texas Department of Transportation (TxDOT) to design, build, finance, operate and maintain Segments 5 and 6 of SH 130. The FCA grants a 50-year concession to the Company from the date the Project opens to traffic.
Project Status
Right-of-way acquisition and final design are underway with construction expected to commence in February 2009. The project is currently scheduled to open in July 2012.
Funding Sources
Anticipated funding sources are as follows (dollars in millions):
- Senior Bank Loans: $682.6
- TIFIA Loan: 430.0
- Equity Contribution: 196.4
Total: $1,309.0
Note: Total excludes TIFIA capitalized interest.
TIFIA Credit Assistance
Direct loan: $430 million.
The TIFIA loan will be secured by a lien on Project Revenues subordinate to the lien securing Senior Lien Obligations, which will be bank loans, and will be senior to the equity to be provided by investors.
TIFIA Financial Performance
Both the Term Sheet obligating funds for the Project and the TIFIA Loan Agreement were executed on March 7, 2008. The first disbursement was made on March 21, 2008. The TIFIA interest rate on the loan is 4.46 percent. The first interest payment is scheduled for June 2017. Principal repayments are scheduled to begin in 2018. The final maturity of the TIFIA loan is June 2047. A bank liquidity facility and contingent equity will be available to meet senior and TIFIA debt service obligations in the first five years of operation. In addition a 12 month debt service reserve account will be established beginning in year six of operations and will be in place through the final maturity of the TIFIA loan.