PF Archive

North American Transport Deal of the Year 2011: Metropistas

01 03 2012

Autopistas Metropolitanas de Puerto Rico closed a $1.136 billion financing for the PR-22 and PR-5 real toll concession on 22 September 2011. The deal, sponsored by Goldman Sachs Infrastructure Partners II and Abertis, was the only real toll deal to close in North America in 2011 and the first brownfield highway transaction in the US since the failed Pennsylvania Turnpike deal in 2008. In addition, it was the first for the grantors, the Puerto Rico Highways and Transportation Authority (PRHTA) and the Puerto Rico PPP Authority (PRPPPA), and is expected to be the beginning of a strong pipeline of brownfield and greenfield concessions from the latter. The 40-year concession includes the 83.7km PR-22 and the 6.4km PR-5 toll roads through the suburbs of capital San Juan and across the north side of the island to Arecibo. The former is considered the central artery of Puerto Rico while the latter is an urban road from the centre of San Juan to the suburb of Bayamon. PR-22 generated $85 million in revenue and PR-5 $4.2 million in 2009. Revenue grew at a...