2 minute read | August.22.2025
Orrick advised the Public Finance Authority, a government entity created to issue tax-exempt and taxable conduit bonds for public and private entities nationwide, as bond counsel in connection with the approximately $3.4 billion issuance of private activity bonds (PABs) used to finance a portion of the $11 billion SR 400 Express Lanes Project in Atlanta, Georgia.
The project, led by the SR 400 Peach Partners consortium—comprised of Meridiam, Acciona, and ACS Infrastructure—has reached financial close for the design, construction, operation, and maintenance for nearly 56 years of the SR 400 Express Lanes toll road project. The total investment for the project is approximately $11 billion. In addition to the private activity bonds, approximately $3.9 billion was financed through public funds in partnership with The US Department of Transportation, through TIFIA (Transportation Infrastructure Finance and Innovation Act) program, the largest single TIFIA loan to date.
The deal was covered in the Bond Buyer and named Deal of the Year in the publication’s Public-Private Partnership Financing category.
The new SR 400 Express Lanes are designed to enhance public accessibility and stimulate local economic growth, while minimizing traffic disruptions through careful phased construction planning. As the first demand risk managed lanes project in the state including dynamic pricing —where tolls adjust based on real-time traffic conditions—the project represents a major step forward in smart mobility infrastructure. Completion is anticipated by Spring 2031.
The Orrick team was led by Christine Reynolds and included Young Lee, Richard Chirls, Joshua Bonney, Cathleen Chang, Leila Dwyer and Jose DeJesus.