Portsmouth Bypass P3 project

Overview:

• Portsmouth Bypass P3 project.
• The Portsmouth Bypass has obtained $557 million in project financing. 
• The first availability payment P3 concession in Ohio's history, the Portsmouth Bypass will be a 16 mile, four-lane highway in Central Ohio. 
• The developer - a consortium - is Portsmouth Gateway Group. 
• The consortium consists of ACS Infrastructure Development, InfraRed Capital Partners and the Star America Fund. 
• The $557 million in financing included $227.3 million in private activity bonds (PABs) and $209.3 million from a TIFIA loans, among other sources. 
• JP Morgan Securities and Barclays Capital acted as underwriters on PABs. 
• Including annual maintenance, the entire project is expected to cost a total of $1.2 billion. 
• The highway is expected to begin operating in late 2018. 

Kurt Stumpo - Journalist