Elizabeth River to redeem $37.5 million of bonds at project’s finish

By Wendy Van Sickle

Columbus, Ohio, Sept. 25 – Elizabeth River Crossings OpCo, LLC will redeem $37.5 million of its series 2012 private activity bonds upon substantial completion of the Elizabeth River Tunnels Project, according to a press release.

The maturity of the bonds to be redeemed will be determined in a notice to be issued by the company to the trustee 45 days prior to the redemption, according to the press release. The bond will be redeemed at par plus accrued interest.

The company said the Martin Luther King Extension portion of the project is scheduled for completion in late 2016.

Based in Portsmouth, Va., Elizabeth River Crossings is the private partner of the Virginia Department of Transportation for the design, construction, finance, operations and maintenance of the Elizabeth River Tunnels Project to connect the cities of Portsmouth and Norfolk, Va.

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