SR-400 Express Lanes

Overview

Deal Type Debt Capital Markets
Size $7.3 Billion
Client & Transactional Partners Georgia Department of Transportation
Acciona
ACS
Meridiam
Our Role Financial Advisor
Co-Managing Underwriter

Summary

On August 5, 2025, KeyBanc Capital Markets successfully closed the financing of one of the largest transportation public-private partnerships (P3s) in U.S. history. The financing included $3.4 billion of Public Finance Authority Federal Tax-Exempt Senior Lien Toll Revenue Private Activity Bonds (SR 400 Peach Partners, LLC) Series 2025 (the Series 2025 Bonds) and a $3.9 billion Transportation Infrastructure Finance and Innovation Act (TIFIA) loan from the U.S. Department of Transportation.

The re-procurement of the SR-400 Express Lanes project includes the development of approximately 71 additional lane miles through two managed lanes in each direction from I-285 to McGinnis Ferry Road, north of Atlanta, as well as one buffer-separated express lane in each direction from McGinnis Ferry Road to McFarland Parkway. The State Road and Tollway Authority (SRTA) will enter into the project agreement with the developer, with GDOT acting as SRTA’s agent.

Acciona, founded in 1931 and headquartered in Madrid, Spain, is an engineering and construction firm specializing in sustainable infrastructure and renewable energy projects. With a workforce of 64,570 employees, the company operates in two main divisions — energy and infrastructure — focusing on projects related to construction, water treatment, and renewable technologies such as wind, solar, hydro, and biomass.

KeyBanc Capital Markets is a trade name under which the corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., member FINRA/SIPC (“KBCMI”), and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and by its licensed securities representatives. Banking products and services are offered by KeyBank N.A.

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