FINAL E-470 BONDS RATED

Rated toll-revenue bonds totaling $321 million were to be priced and issued in late April 2000 to finance the final segment of the E-470 eastern loop bypass of metropolitan Denver, Colorado. The 12.5 mi (20.1 km) of new toll road will link the 34 mi (55 km) built since 1991 with Interstate 25, the region's highly congested north-south spine. The 35-year debt would bring the total borrowing by the state-charted E-470 Public Highway Authority to almost $1.2 billion since it was formed in 1988. The bond insurer for the authority's outstanding debt--$822 million of senior revenue bonds and $50 million in vehicle registration fee debt--was in talks to guarantee debt service on the authority's new issue of $215 million in capital appreciation bonds and $106 million of current interest debt. All three major rating agencies gave the bonds investment-grade ratings. Strong traffic ramp-up since 1998 on segments two and three have produced 39% annual gains in toll transactions, which totaled $15.3 million in 1999. However, toll revenues are still 22% below a 1995 forecast. That is causing some concern about debt service coverage on the outstanding bonds.

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  • Corporate Authors:

    Public Works Financing

    147 Elmer Street
    Westfield, NJ  United States  07090-2433
  • Publication Date: 2000-4

Language

  • English

Media Info

  • Pagination: p. 6-8
  • Serial:

Subject/Index Terms

Filing Info

  • Accession Number: 00792342
  • Record Type: Publication
  • Files: TRIS
  • Created Date: May 15 2000 12:00AM