AUSTIN – Bracewell LLP assisted the Grand Parkway Transportation Corporation (GPTC) in coordination with the Texas Department of Transportation as disclosure counsel in connection with a refinancing of outstanding obligations to achieve debt service savings. GPTC issued $2.3 billion in taxable refunding bonds to refinance a $944 million loan under the Transportation Infrastructure Financing and Innovation Act (TIFIA), as well as other outstanding debt. Senior managing underwriters for the transaction were Bank of America and Goldman Sachs. The total present value debt savings were $395 million.
The Grand Parkway is a proposed 180-mile circumferential highway traversing seven counties in the Greater Houston area.
Bracewell lawyers involved in the transaction included:
Partners: Elizabeth Bowes and Whit Swift
Senior Counsel: Tim J. Deithloff and Edward Fierro
Of Counsel: Paul S. Maco