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PAINEWEBBER COMPLETES FIRST EVER BUILD-TRANSFER-OPERATE TOLL FACILITY FINANCING IN UNITED STATES JURISDICTION

 PAINEWEBBER COMPLETES FIRST EVER BUILD-TRANSFER-OPERATE
 TOLL FACILITY FINANCING IN UNITED STATES JURISDICTION
 NEW YORK, April 7 /PRNewswire/ -- PaineWebber Incorporated (NYSE: PWJ) announced today that it has acted as financial advisor and senior managing underwriter to the Concessionaire Autopistas de Puerto Rico (APR) in connection with the negotiation of a concession contract and issuance of $115 million of special facility revenue bonds for the Puerto Rico Highway and Transportation Authority (PRHTA). The bonds will be used to finance the first private toll facility to be built under the Commonwealth's Privatization Law approved in December 1991.
 APR will design, construct and operate the San Jose Lagoon toll bridge under a build-transfer-operate (BTO) format where the concession contract runs for 35 years. The financing is the first BTO-style toll facility financing to be successfully completed in any United States jurisdiction.
 APR is a partnership between Dragados y Construcciones S.A., the largest construction company in Spain, and Rexach Construction Company, the leading construction firm in Puerto Rico. Construction of the San Jose Lagoon project is expected to cost approximately $83 million and take 24 months to complete.
 The $115 million financing has been sold in the Puerto Rico market. The financing for this project does not qualify for tax-exemption under Section 103 of the U.S. Internal Revenue Code.
 The two kilometer bridge will alleviate congestion on one of San Juan's major arteries and provide improved access to the busy Luis Munoz Marin International Airport. PRHTA will own the facility upon completion and will receive the majority of the revenue once APR has reached a certain base return on its capital investment. PRHTA's participation will begin at 60 percent and will increase to 80 percent over time.
 APR was also awarded the concession for the Puerto Rico Route 66 toll highway, the contract for which is pending final negotiations and approval.
 PaineWebber Incorporated is one of the nation's leading full-service securities firms, serving the investment and capital needs of a worldwide client base. PaineWebber Incorporated of Puerto Rico is the preeminent full-line financial services organization in Puerto Rico, serving both institutional and individual clients.
 -0- 4/7/92
 /CONTACT: Beverly T. Spano of PaineWebber, 201-902-6775, or Jeffrey Z. Taufield of Kekst and Company, 212-593-2655, for PaineWebber/
 (PWJ) CO: PaineWebber Incorporated; Concessionaire Autopistas de Puerto Rico ST: New York IN: FIN SU:


SM-AH -- NY046 -- 5910 04/07/92 15:14 EDT
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Publication:PR Newswire
Date:Apr 7, 1992
Words:397
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