Transurban has achieved financial close on the 495 Express Lanes Northern Extension project (NEXT) in the USA.

The project involves the design, construction, financing and maintenance of a new, reversible ramp connecting the existing 95 Express Lanes at Opitz Boulevard, and a new southbound Occoquan auxiliary lane on Interstate 95 in Woodbridge. As part of the project, the existing 495 Express Lanes will be extended four kilometers towards Maryland, which will improve congestion levels in the local area. The construction of new bicycle and pedestrian connections is also planned.

Transurban raised US$394 million in debt financing for the development. The project will also benefit from the refinancing of its existing debt facilities. Operis acted as financial advisor for Transurban.