John Laing Group plc,  has announced that it has successfully completed a refinancing of USD311 million for the Regional Transportation District’s (RTD) Denver Eagle P3 project in Denver, Colorado, USA.  

The refinancing of the 2010 Series Private Activity Bonds was led by John Laing, working together with equity partners, Aberdeen Global Infrastructure Partners and Fluor Enterprises, and client, the RTD.

The Project is designed to help reduce congestion and provide a safe, affordable and reliable transport option for the 2.8 million people living in Denver’s growing metropolitan area.  The Consortium has had a strong focus on local procurement, and the Project has contributed to economic growth in the region, with over US$900 million spent in the local economy to date.

The refinancing consisted of approximately US$311 million par value tax-exempt and taxable bonds (the Refinancing Bonds), which were used to redeem the remaining outstanding balance of the bonds issued in 2010.  The Refinancing Bonds were priced on December 1, 2020, and the Refinancing reached financial close on December 18, 2020.

The bonds were underwritten by B of A Securities, Inc., Barclays Capital, Inc., and Wells Fargo Bank Securities.  John Laing and its partners were advised by Agentis Capital (financial advisor), Orrick Herrington & Sutcliffe LLP (legal advisor), and THB Advisory LLC (municipal advisor).