Fact Sheet: Tren Urbano
San Juan, PR
Approved FY 1999
Retired: Paid In Full
Description
This 17-kilometer rapid rail line serves metropolitan San Juan, home to 1.3 million residents, representing 37 percent of Puerto Rico's total population. The system has 16 stations, closely integrated with the local bus system, and currently carries approximately 30,000 riders per day.
Project Status
The project is 100% complete. Revenue service began June 6, 2005.
Funding Sources
Funding sources are as follows (dollars in millions):
- Federal grants: $828.8
- Bond proceeds: 637.8
- TIFIA loan: 300.0
- Other sources: 483.4
- Total: $2,250
TIFIA Credit Assistance
Direct loan: $300 million.
Date of credit agreement: August 4, 2000.
The TIFIA loan received a subordinate pledge of certain tax revenues (including the proceeds of motor fuel taxes, tire taxes, and vehicle registration fees) accruing to PRHTA.
TIFIA Financial Performance
The USDOT disbursed the $300 million loan in its entirety on August 7, 2000. Taking advantage of the low interest rate environment, PRHTA refinanced the loan with tax-exempt debt in April 2003, fully prepaying TIFIA in the amount of $305.6 million. In keeping with the TIFIA objective of encouraging prepayments when feasible, this loan was paid off 32 years earlier than its scheduled final maturity. The bonds issued to refund the TIFIA loan have an interest rate of 4.97 percent, slightly more than 75 basis points lower than the interest rate on the TIFIA loan. The authority expects to save $31.7 million, based on net present value, when compared to maintaining the TIFIA loan.