Innovative Transportation Finance Mission Possible! Shaping the Future of Transportation Finance AASHTO s Conference on Performance-Based
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1 Innovative Transportation Finance Mission Possible! Shaping the Future of Transportation Finance AASHTO s Conference on Performance-Based Transportation Planning, Financing, and Management Mike Discenza, Treasurer, Transurban North America August 2, 2017
2 Improving cities liveability Transurban is the largest infrastructure company in Australia and among the largest toll road builders and operators in the world Transurban has delivered $25 billion to upgrade capacity, ease road congestion and provide travel time savings; working on an additional $7 billion in improvements Unique long-term operator model aligned with government and citizen needs Top 15 company on the Australian Securities Exchange (ASX) Pioneered the P3 managed-lanes concept in the United States Without the ability to partner with the private sector and leverage their capital and resources, Express Lanes would not have been built. Transurban shared in the risk, bringing private capital to the table and putting the money to work for motorists and ultimately Virginia s economy. - Virginia Governor Terry McAuliffe VDOT partner on 395, 495 and 95 Express Lanes in Virginia Road safety first and foremost priority 2
3 Express Lanes snapshot Commuters 3.5 hours maximum time savings for one trip (Springfield to Stafford) 59% of DC area drivers have used the Express Lanes Economic¹ $6.3B generated in economic activity 28,000 jobs supported $770 million in DBE/SWaM contracts Partnership Key risks transferred to private sector State receives direct returns of 29 times its investment on the 495 project and 110 times its investment on the 95 project ¹ Dr. Stephen Fuller, George Mason University, 2008 & Development projects 395 Express Lanes project extension of the Express Lanes 8 miles north on I-395 to the DC line 95 Express Lanes Southern Extension construction underway to extend the 95 Lanes approximately 2 miles at southern end Community Grant programs have awarded over a million dollars to 161 organizations in Northern Virginia More than 3,000 meetings in corridor Throughput 39 minutes average time savings per trip on 95 Express Lanes during evening rush hour HOV and toll revenue travel increasing in parallel Safety 6 minutes average response time for our dedicated Express Assist Focus on incident management as density and volumes grow 3
4 ASX release (July ) FINANCIAL CLOSE OF 395 EXPRESS LANES PROJECT Transurban announces that it has reached financial close on the US$475 million 395 Express Lanes project. The project will extend the 95 Express Lanes for 13 kilometres north to the Washington DC border, converting two existing high-occupancy vehicle lanes to three high-occupancy toll lanes to provide customers with direct access to Washington DC. The project was approved in February 2017 by the Virginia Department of Transportation. Construction of the project commenced in July 2017 and is expected to be complete in late Debt financing for the project includes approximately US$233 million in private activity bonds (par amount) and a US$45 million loan from the Virginia Transportation Infrastructure Bank. The 395 Express Lanes project will extend the benefits customers have experienced on the 95 Express Lanes and provide much needed congestion relief in the I-395 corridor, Transurban CEO Scott Charlton said. Transurban has worked closely with our government partners to develop a transportation solution that will deliver reliability and travel time savings to drivers as well as supporting jobs in the region he said. Amanda Street Company Secretary Investor enquiries Jessica O Brien General Manager Investor Relations and Strategic Projects Media enquiries Josie Brophy Senior Advisor, Media and Communications
5 95 Express Lanes (95 Segment and 395 Segment) snapshot The transaction was structured to include a five-year par call, which will give the Company additional flexibility, as both the Series 2012 and Series 2017 Bonds will have a par call on January 1, 2022 The transaction received more than $1.2 billion in orders (>5x oversubscribed), which allowed for spread tightening from preliminary to final pricing Four institutions placed orders for $100 million or more, with one investor placing an order for the entire par of the transaction On a YTM basis the 2034 maturity is 4.31% and the 2040 maturity is 4.46% 5
6 95 Express Lanes (95 Segment and 395 Segment) snapshot Washington D.C. area is one of the most congested metropolitan areas in the U.S. The average D.C. commuter wasted approximately 75 hours in traffic in 2015, with the I-95 and I-395 corridors being two of the most heavily trafficked roadways Heavy congestion, coupled with strong employment growth and a wealthier- than-average population created a significant opportunity for express lanes In 2012, J.P. Morgan served as senior manager on the bond financing of the 95 Segment, which was also funded with a TIFIA loan, Company equity, and VDOT funds Construction commenced in 2012 and the new lanes were completed on schedule and placed into service with tolling in December 2014 The 95 Segment is the result of more than ten years of planning, environmental review, competitive procurement and public engagement, and was undertaken to alleviate congestion along the I-95 corridor Since opening in 2014, the 95 Segment has performed in line with projections Public reception to the 95 Segment has been positive, with nearly 3 in 4 drivers saying the express lanes benefit the D.C. area In the quarter ended March 2017, customers experienced average time savings of 37 minutes on the 95 Segment during the daily peak period Following the success of the 95 Segment, the Company and VDOT moved to develop the 395 Segment along the I-395 corridor as a Company Project Enhancement under the existing concession The 395 Segment consists of the development, design, financing, construction, operation, and maintenance of HOV/HOT lanes and other road improvements along an 8-mile stretch of I-395 corridor in Northern Virginia. Construction will expand and/or convert the existing I-395 HOV system from two HOV lanes to three HOT lanes The 395 Segment is expected to provide significant time savings particularly during the peak periods as much as 25 minutes in 2020 J.P. Morgan was hired to serve as solicitation agent on the 2012 Bonds, and structuring agent and senior managing underwriter on the financing of the 395 Segment Sources: Series 2017 Official Statement; 3 6
7 P3 purchasing power creates value for the state Total Project Benefits 1 Direct returns >110 times state investment Total Project Benefits 2 Direct returns >29 times state investment $6.1B $7.3B STATE CONTRIBUTION $82.6 M $0.9B $2.5B STATE CONTRIBUTION $409.0 M $1.9B $2.8B Public Subsidy Construction O&M Major Maintenance Public Subsidy Construction O&M Major Maintenance Key risks transferred to the private sector No public sector risk of construction cost overruns Private partner faces significant penalties if completion is late Full apportionment of revenue risk to private partner with potential for State to share in upside revenue benefits 1. Dr. Stephen Fuller, George Mason University, Economic Impact of Construction Outlays for the 95 Express Lanes on the Commonwealth of Virginia, the Washington Metropolitan Area, and the Local Jurisdictions, August Operations, Maintenance and Major Maintenance values represent sum of budgeted future expenditures (nominal) over the remaining Concession term 7
8 Saving constituents time and money Customer case studies A construction manager heading to his job travels northbound on 495 Express Lanes in the morning peak hour from Alexandria, VA to Bethesda, MD rather than taking the alternative general purpose I-495 lanes. A working parent living in Stafford, VA with a job in Alexandria is running late picking up his children from a child care center near home, which charges $10 every 15 minutes he is late, and takes the 95 Express Lanes. 45 min. $46.88 $18.00 $ min. $25.00 $35.00 Estimated time savings Construction worker s hourly rate Average toll Potential productivity gain Estimated time savings Estimated toll Savings of late fees In January 2017 the Express Lanes network in Virginia saved its customers 225,940 hours and over $5.5 million in delay costs.¹ ¹ Workdays in January Assumes 100% passenger vehicles regional median value of time for the DC area of $23.62 escalated by CPI (regional) to 2017 rate. 8
9 Asset recycling overview The concept of asset recycling Federal incentive program to attract private investment, raise funds for new greenfield infrastructure projects Government owned asset Government controlled fund Greenfield infrastructure projects Asset recycling something that we re hoping will be included in an infrastructure bill it gives municipalities an incentive Robust business case framework for investment decisions Projects with strong investment cases that align with strategic plans Congressman Lou Barletta, ARTBA P3 Conference 2017 Leasing or selling public assets to raise funds for new infrastructure Many state governments are sitting on unproductive capital within their own assets. In a system known as asset recycling, state governments lease their existing infrastructure to raise funds for greenfield infrastructure projects, freeing existing capital for infrastructure investments. 9
10 The program in Australia Robust business case framework for investment decisions Projects with strong investment cases and align with strategic plans Australian governments signed the National Partnership Agreement on Asset Recycling at the Council of Australian Governments in 2014, as a short-term funding program to stimulate the economy following the mining boom. Australia s Asset Recycling Initiative (ARI) incentivized state and local governments to sell or lease public assets to the private sector to raise funds for infrastructure improvements. If a state privatized a public brownfield asset such as a port, electricity transmission or roadways, Australia s federal government paid the state government an additional 15 percent of the negotiated lease or sell price. To receive this payment, the state had to reinvest proceeds from the asset privatization into new greenfield infrastructure projects. Funding was given on a first-come, first-served basis. In the 2016/17 year, the federal government finalized agreements with four states and territories worth ~$3.2 billion, which will unlock $23 billion in infrastructure spending. Details of proposed asset sales are published on Australia s national online infrastructure investment pipeline Source: Australian Financial Review. $877m was based on commitment of funds by the federal government should Victoria have moved forward with a planned project following sale of the Port of Melbourne. 10
11 The program in Australia Australia established the Asset Recycling Initiative (ARI) in 2014 Incentivized state and local governments to sell or lease public assets to the private sector Goal of raising funds for infrastructure improvements Federal government paid state government an additional fifteen percent of the negotiated lease or sale price States make agreement with federal government to reinvest proceeds in greenfield infrastructure Asset recycling initiative budget commitments by state (AUD) Vic $877m ACT $60m NT $40.4m NSW $2200m Total $3.18b Source: Australian Financial Review. $877m was based on commitment of funds by the federal government should Victoria have moved forward with a planned project following sale of the Port of Melbourne. 11
12 The program in Australia Asset privatized Sale value Federal funds added Use of proceeds NSW Electricity distribution assets $10.2 billion $2.2 billion Sydney Metro: $1.695 billion Sydney's Rail Future: $98.4 million Parramatta Light Rail: $78.3 million Pinch Points and Clearways: $52.2 million Smart Motorways: $60 million Gateway to the South: $39.2 million Regional Road Freight Corridor New England Highway: $30.3 million Regional Road Freight Corridor Princes Highway: $52.5 million Regional Road Freight Corridor Mitchell Highway: $5.7 million Regional Road Freight Corridor Newell Highway: $78.8 million ACT ACTTAB, government buildings and public housing stock. $200 million $60 million Capital Metro ACT Light Rail project Northern Territory Darwin Port facilities $506 million $40 million Ship Lift and Marine Industries Project: $13 million T-Gen: $6.5 million Flood Mitigation Darwin: $3.3 million Flood Mitigation Katherine: $2.3 million Roper Highway Upgrade: $2.1 million Tanami Road Upgrade: $1.3 million Litchfield Park Road: $3.7 million Larapinta Drive: $3.3 million Sadadeen Road: $1 million Kambolgie Creek: $0.4 million Tiwi Island Roads: $3.5 million Note: Monetary values in AUD Source: Australian Minister for Urban Infrastructure 12
13 Potential value in the United States U.S. infrastructure could benefit from replicating a similar program: Successfully attract private investment Help states increase the total funding available for infrastructure investment Review of the top ten public toll road agencies shows value up to $260 billion USD Through an asset recycling-type program, privatization of these ten toll roads could generate as much as $150 billion to support greenfield projects $260 bn $150 bn 13
14 Potential value U.S. toll authorities¹ All values $ billion EBITDA Low end valuation High end valuation Debt Mid point net proceeds New Jersey Turnpike Authority Port Authority of New York & New Jersey MTA Bridges & Tunnels Illinois Tollway Pennsylvania Turnpike Commission Florida's Turnpike Enterprise Bay Area Toll Authority, CA New York State Throughway Authority North Texas Tollway Authority Harris County Toll Road Authority ) Low and High valuation based on EBITDA multiples of 25x and 35x respectively. 2) For Port Authority of NY and NJ and MTA Bridges & Tunnels, EBITDA levels have been back-solved based on NJ Turnpike Authority EBITDA margin. 3) For Port Authority of NY & NJ, debt position based on proportional allocation of full debt position to toll road division. 14
15 Private infrastructure investment The issues Potential solutions Lack of funding due to revenue shortfall for Highway Trust Fund Lack of Federal incentives for states to engage in P3s Lack of approved pprojects in the pipeline Increased usage of user-pay systems to provide fair and sustainable sources of revenue Asset recycling, modeled after Australia s Asset Recycling Initiative Expedited approach at the state and Federal levels to removing regulatory barriers to high-impact, P3 projects Progress States have increasingly looked to innovative finance methods for their infrastructure needs Congress responded to increased interest in P3s by creating the Build America Bureau to act as a resource for states Trump Administration has expressed commitment to private sector involvement in infrastructure 15
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