Texas Highway Advisory Projects

IMG Rebel has developed a track record of advising Texas on innovative highway finance.

IMG Rebel’s expertise in toll road traffic and revenue forecasts aided the Texas Department of Transportation to analyze its P3 program

As part of a joint venture, IMG Rebel provided the Texas Department of Transportation (TxDOT) with equity-based forecasts for its public-private partnership (P3) program. These forecasts were intended to more optimally capture the perspective of private investors towards long-term toll concessions, considering the variety of traffic and project risks. In this effort, IMG Rebel considered longer time horizons, a variety of tolling mechanisms, and key demographic assumptions. In addition, IMG Rebel assessed the impact of P3 bidding on revenue forecasts and project risks, such as environmental, construction, and operations.

IMG Rebel used its public and infrastructure finance experience to perform financial advisory services for the LBJ Managed Lanes Project
IMG Rebel served as the financial advisor to the Texas Private Activity Bond Surface Transportation Corporation in its issue of $615 million Private Activity Bonds (PABs) that were backed by the toll revenues of the $2.6 billion IH 635/LBJ Managed Lanes Project. This was one of the largest Private Activity Bond issuances and one of only three issued by the Texas Department of Transportation PABs conduit. IMG Rebel was involved in various aspects of the due diligence and bond financing. Our role included reviewing the financial model, monitoring the financing process, and preparing post-sale analysis.

The team assisted TxDOT in meeting its concession obligations for the SH-130 toll road P3
IMG Rebel assisted TxDOT in developing guidelines on how to delegate and meet the contractual obligations in the concession agreement for SH-130 Segments 5 & 6, the first complete P3 toll road concession solely procured byTxDOT. For this $1.3 billion project, funded with bank debt, TIFIA loan, and private equity, TxDOT wanted to ensure that their obligations under the concession contract were met, including for permitting, DBE compliance, utilities, and federal reporting. IMG developed a user-friendly database tool that helped to manage these obligations amongst TxDOT departments and districts.

In a follow-on contract, IMG Rebel carried out similar work for two Dallas area toll roads, the $2.5 billion North Tarrant Express and the $2.6 billion IH-635. In addition, we developed similar guidelines for the $1.0 billion DFW Connector, a design-build project.

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