North America, United States, Transportation

Financing managed lanes/BRT on US 36, Colorado

Advised on complex public/private financings of a 16-mile, $500M managed lanes, bus rapid transit, and dedicated commuter bike lanes.

The challenge

Colorado DOT (CDOT) sought TIFIA financing for this publicly-operated phase 1 Denver multimodal project. CDOT transferred phase 1 and phase 2 to a P3 developer, which sought a phase 2 TIFIA loan to blend with private activity bonds, subordinated debt, private equity, and the phase 1 TIFIA loan.

The approach

Working for the US DOT’s Build America Bureau, Rebel conducted financial planning due diligence, assessed traffic and revenue studies, and evaluated program delivery plans. Furthermore, we conducted a risk assessment of key financing variables to form the downside financing case.

We evaluated the sponsor’s subordinated debt and equity financing requirements. We also helped negotiate loan agreements’ terms, ensuring that the TIFIA loans’ flow of funds positions met policy objectives.

Both loans successfully reached financial close and the project was completed by 2016.

Rebels

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