Colorado Bridge and Tunnel Enterprise to Sell $212.5 Million of Bonds for Bridge Projects
AGO
By Zaeem Shoaib
The Colorado Bridge and Tunnel Enterprise plans to issue $212.5 million of bonds to pay for projects throughout the state.
The enterprise, which is within the Colorado Department of Transportation, will issue Senior Infrastructure Revenue Bonds, Series 2025 A, due on Dec. 1 from 2029 through 2045. Two term bonds in the sale are due 2050 and 2054, respectively.
The bonds will be price April 8, with closing on April 22, according to documents posted Friday on MuniOs.
Interest on the bonds will be payable on each June 1 and Dec. 1.
The enterprise was formed in 2009, and the bonds are backed by bridge surcharges, among other fees and revenues.
Proceeds of the bonds will be used for the repair, reconstruction, replacement or continuing operation or maintenance of "Designated Bridges." Those are bridges and related infrastructure that are part of the state highway system and are identified as structurally deficient or functionally obsolete and rated as "poor" by the transportation department.
As of March 1, the state had 454 Designated Bridges, with 228 in that category having been repaired, reconstructed or replaced. It now estimates that the cost to repair, reconstruct or replace the remaining bridges in that category will be $2.7 billion.
Moody's and S&P Global Ratings assigned ratings to the securities of A1 and A, respectively. Moody's and S&P are expected to assign insured ratings of A1 and AA, respectively, to the insured bonds based on the issuance of the policy by Assured Guaranty at the time of delivery.
J.P. Morgan and Jefferies are senior managers on the issuance.
Write to Zaeem Shoaib at zaeem.shoaib@wsj.com
(END) Dow Jones Newswires
03-24-25 1524ET