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Opportunities and Challenges Series

Project Profiles

SH 130 (Segments 5 -6)


Location	Austin, Texas Metropolitan Area
Project Sponsor / Borrower	Texas Department of Transportation (TxDOT)
Program Areas
Fiscal Year Approved	Fiscal Year 2007
Mode	Toll Highway
Description	When fully completed, SH 130 will be a four-lane, 91-mile toll road east and south of Austin designed to relieve congestion on the heavily traveled I-35, the primary north-south route through Central Texas. Segments 1-4 of SH 130 (which are part of the Central Texas Turnpike System that includes SH 45 North and Loop 1) were constructed as a separate project and opened in stages between November 2006 and April 2008. More information on this earlier project is available on the website On March 22, 2007, TxDOT signed a Comprehensive Development Agreement (CDA) with the SH 130 Concession Company to design, construct, operate, and maintain a 40-mile extension of SH 130 (Segments 5 and 6) under a 50-year concession from the date of opening (expected in mid-2012). The concession company is also financing the project and will share toll revenues with the state. The extension will follow the current US 183 alignment from north of Mustang Ridge to north of Lockhart and extend southwest to I-10 northeast of Seguin.
Cost	$1,327.9 million
Funding Sources	Senior bank loans - $685.8 million TIFIA loan - $430 million Private equity - $209.8 million Interest income - $2.3 million
Project Delivery / Contract Method	DBFOM (design, build, finance, operate and maintain)
Private Partner	SH 130 Concession Company, LLC (joint venture of Cintra Concesiones de Infraestructuras de Transporte, S.A. and Zachry American Infrastructure)
Project Advisors / Consultants	AECOM/Maunsell - Project's Traffic Consultant Capita Symonds - Lenders' Traffic Auditor Atkins International Ltd. - Lenders Technical Advisor To USDOT TIFIA JPO: TIFIA Legal Advisor: Nixon Peabody, LLP TIFIA Financial Advisor: Montague DeRose and Associates, LLC/High Street Consulting Group, LLC
Lenders	Bank Syndicate, USDOT TIFIA
Duration / Status	Construction began April 2009; expected completion November 2012
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.
Financial Status / Financial Performance	Financial close March 7, 2008 TIFIA loan agreement signed March 7, 2008 The first TIFIA 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.
Innovations	First, privately developed and operated open toll road facility in Texas
Related Links / Articles	SH 130 Concession Company TxDOT Comprehensive Development Agreement Information
Contacts	Jose A. Labarra jlabarra@sh130cc.com