TIFIA loan signed for Grand Parkway

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
TIFIA loan signed for Grand Parkway

U.S. Department of Transportation, through the U.S. Transportation Secretary Foxx, has announced a US$840 million loan for the Grand Parkway Project in Greater Houston.

The loan is expected to be drawn upon by December 2016 to refund existing subordinate tier toll revenue bonds used to pay for the design and construction of specific sections of the project.

Fitch Ratings has assigned a BBB+ rating with a Stable Outlook to the TIFIA loan.

TIFIA provides federal credit assistance in the form of direct loans, loan guarantees, and standby lines of credit to finance surface transportation projects. Since its launch, the TIFIA program has helped 40 projects turn almost $15.6 billion in DOT assistance into more than $58 billion in infrastructure investment across America. The transportation law, Moving Ahead for Progress in the 21st Century (MAP-21), transformed TIFIA into one of the largest transportation infrastructure loan programs in history, making up to $17 billion available in credit assistance for critical infrastructure projects.

The US$2.5 billion project will improve safety, in addition to adding highway capacity in the region. The Grand Parkway Projectis, which is part of the broader Grand Parkway System, a proposed 184-mile highway that crosses seven counties and encircles the greater Houston metropolitan area from State Highway 146 in Galveston County to State Highway 146 in Baytown, will include a four-lane, 55-mile toll road in northwest Harris County and southeast Montgomery County.

List of country news

Country news

  • February 18, 2014

    Parsons Brinckerhoff announces hires in London and New York

    Raymond Moore has been named a Senior Professional Manager in the New York City office of Parsons Brinckerhoff. Read more
  • February 19, 2014

    Isolux Infrastructure wins I-69 Section 5 P3 project

    The Indiana Finance Authority (IFA) Board this morning made the preliminary selection of I-69 Development Partners, a team led by Isolux Infrastructure Netherlands B.V. to design, build, finance, operate and maintain I-69 Section 5 from Bloomington to Martinsville. Isolux has partnered with the local resources of contractors E&B Paving of Anderson, Force Construction Company of Columbus and Gradex Inc. of Indianapolis to preserve and upgrade the existing State Road 37 to interstate standards. Read more
  • February 21, 2014

    CDOT presents results of Feasibility Studies for High Speed Rail projects

    The Colorado Department of Transportation (CDOT) has issued two draft reports summarizing the feasibility of high-speed transit systems in both the Interstate 70 Mountain Corridor and I-25 Front Range Corridor. Read more
  • February 21, 2014

    Fresno County pension fund chooses IFM Investors for infrastructure

    Fresno County (California) Employees' Retirement Association has hired infrastructure manager IFM Investors to invest between $120 million and $140 million in infrastructure assets. Read more
  • February 24, 2014

    CalPERS increases infrastructure allocation to 3 %

    California Public Employees' Retirement System (CalPERS), the largest public pension fund in the US with more than $277 billion in assets, will increase its allocation to infrastructure and forestland from 2% to 3%. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.