SUMMARY

$3,438,000,000 Senior Lien Toll Revenue Bonds, Series 2025 (GA SR 400 Express Lanes Project)

Pricing Date: Monday, July 28, 2025

Ratings (Moody’s/Kroll): Baa3 / BBB+

Project Type: Design-Build-Finance-Operate-Maintain P3

Structure:
-Senior Debt
-Subordinate Debt – TIFIA Loan
-Authority Funding
-Capital Contributions

Security:
-Toll Road Revenues
Debt Service Reserve
Ramp-up-Reserve
Maintenance and Operations Reserves

Financial Advisor: Estrada Hinojosa

Co-Senior Managers: J.P. Morgan & RBC Capital Markets

Co-Manager: KeyBanc Capital Markets, Inc.

Project Participants:
-Public Sector: GA State Road & Tollway Authority, GA DOT, U.S. DOT & Public Finance Authority-Private Sector Developer and Sponsors: SR 400 Peach Partners, Meridiam Funds, ACS Infrastructure, Acciona Concessions

MARKET CONDITIONS

• As of the time of pricing, this  transaction was the largest tax-exempt bond issue in the municipal market for 2025
• US Treasuries opened 1-2bps wider despite trade deal announced Sunday between US and EU that had little effect on macro markets as this week had plenty more events to get through including $183bln of 2, 5 and 7yr paper at auction, the FOMC and JOBS Friday.
• Munis were sympatico with other markets trading mostly sideways as investors await another above average T/E issuance week rarely seen when there is an FOMC meeting.
• The MMD AAA scale was left unchanged from 2026-2055.
• At 3:00pm when MMD sets its scales the US TSY 2yr was at 3.93% or 1bps weaker than at this time Friday and the 10yr was at 4.418% or 3bps weaker as was the 30yr at 4.964%.