| Name |
Dulles Greenway |
| Location |
Northern Virginia/Loudoun County |
| Mode |
Highway |
| Description |
14-mile privately owned toll
road connecting Leesburg to
the Dulles Toll Road and Dulles
Airport area
An extension of the Dulles
Toll Road
Electronic toll collection
using Automatic Vehicle
Identification
|
| Sponsor |
Toll Road Investors Partnership
II (TRIP II) |
| Cost |
$350 million |
| Type
of Finance |
1999 Refinancing:
Bonds issued to satisfy all
previous note agreements and
all other outstanding agreements
AAA Bonds insured by MBIA
$332 million in total bonds
issued:
$35 million of current
pay interest only bonds
$297 million zero
coupon bonds maturing in
2003, 2005 with blended
interest rate of approximately
7%
All bonds held by qualified
institutional buyer |
| |
Tolls |
| Project Delivery
/ Contract Method |
Design-build
Build Transfer Operate
|
| Private
Investor Partner |
Owned by a private consortium,
Toll Road Investors Partnership
II (TRIP II):
Bryant/Crane family
of Middleburg, Virginia
AIE, LLC
Kellogg Brown &
Root, Inc. of Houston,
Texas
|
| Project Advisors |
|
| Lenders |
|
| Physical
Status |
Opened September 1995.
Plans announced in 1999 to
expand the four-lane
facility, adding
a third eastbound
lane.
First five miles
of 6 lane widening
project (east
- and westbound)
completed in
August 2001.
|
| Financial
Status |
Greenway owners began to
default in 1996.
Large refinancing package completed in 1999.
No changes to financing expected,
but may change according
to circumstances.
|
| Innovations |
One of first U.S. projects to
embody the basic concepts of
project revenue financing.
Enabled by 1988 action of
Virginia's General Assembly,
authorizing private development
of toll roads.
|
| Related
Links / Articles |
Moody's
Credit Rating*
FITCH
Credit Analysis detailing
its underlying rating for
Senior Current Interest
Bonds and Senior Zero-Coupon
Bonds issued in 1999 by
the Toll Road Investors**
Dulles
Greenway website
http://www.ettm.com/news/tripii_redink.html
http://www.ettm.com/news/tripii_tollinc.html
http://www.cato.org/pubs/pas/pa-231.html
http://www.bizjournals.com/washington/stories/1999/12/06/story3.html
|
| Contacts |
Rick Froehlich
Toll Road Investors Partnership II, L.P. (TRIP II)
45305 Catalina Court
Suite 102
Sterling, VA 20166
Tel. (703) 707-8870
rickfroe@dullesgreenway.com
|
| Last Review/Update |
TRIP II, March 2004 |
|
THE AMERICAN ASSOCIATION OF STATE HIGHWAY AND TRANSPORTATION OFFICIALS,
AMERICAN ASSOCIATION OF STATE HIGHWAY AND TRANSPORTATION OFFICIALS,
PBCONSULT, AND MOODY'S HEREBY EXPRESSLY DISCLAIM ALL EXPRESS, IMPLIED
AND STATUTORY WARRANTIES OF ANY KIND AND MAKES NO REPRESENTATION
OR WARRANTY, EXPRESS OR IMPLIED, TO ISSUER, ANY USER OR ANY OTHER
PERSON OR ENTITY, AS TO THE ACCURACY. TIMELINESS, COMPLETENESS,
TRUTHFULNESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE
OF ANY DATA PROVIDED BY MOODY'S TO ISSUER PURSUANT HERETO.
** Each Report is derived from sources believed to be accurate
and reliable. EACH REPORT IS PROVIDED "AS IS" WITHOUT
WARRANTY OF ANY KIND AND FITCH, INC., AASHTO, and PBCONSULT MAKE
NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY,
TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR
PURPOSE OF ANY REPORT. Under no circumstances shall Fitch, AASHTO,
or PBConsult have any liability to any person or entity for (a)
any loss or damage in while or in part caused by, resulting from,
or relating to, any error or other circumstance or contingency within
or outside the control of Fitch or any of its directors, officers,
employees or agents in connection with the procurement, collection,
compilation, analysis, interpretational editing, transcription,
transmission, communication, publication or delivery of any Report,
or (b) any direct, indirect, special consequential, compensatory,
or incidental damages whatsoever (including without limitation,
lost profits).
|
