Texas Transportation Commission Private Activity Bond Surface Transportation Corporation
Sr Lien Rev Ref Bonds (LBJ Infrastructure Group LLC I-635 Managed Lanes Project) Ser 2020A (Non-AMT PAB) & Txbl Ser 2020B
$544,535,000 of principal outstanding at the end of fiscal year 2025.
Terms
- Par amount
- $544,535,000
- Final maturity
- 6/30/2040
- New money / refunding
- New money Not reportedRefunding $544,535,000
- Closing date
- 9/18/2020
- Purpose
- Refunding
- Sale
- Negotiated
- Pledge
- Revenue supported
- Fiscal year issued
- 2021
- Program
- Texas PAB Surface Transportation Corp
Changes in BRB's data
No changes since this site began recording on October 6, 2026.
Source: BRB data loads; as of 10/17/2026.
Finance team
Download CSV| Role? | Firm? | Fees paid? |
|---|---|---|
| Financial advisor | Estrada Hinojosa & Co Inc | $50,000 |
| Financial advisor | KPMG LLP | $329,221 |
| Bond counsel | McCall Parkhurst & Horton LLP | $467,663 |
| Underwriter's counsel | McGuire Woods LLP | $470,410 |
| Other counsel | Holland & Knight LLP | $17,000 |
| Rating agency | Fitch | $408,401 |
| Rating agency | Moodys | $462,905 |
| Paying agent, trustee and escrow | Bingham Arbitrage Rebate Services Inc | $6,700 |
| Paying agent, trustee and escrow | Citibank NA | No amount reported |
| Printing, disclosure and data services | ImageMaster LLC | $9,273 |
| Other costs | Arup | $20,000 |
| Other costs | Cintra Inc | $766,195 |
| Other costs | Deloitte & Touche LLP | $2,300 |
| Other costs | Gibson Dunn | $1,000,000 |
| Other costs | Nossaman LLP | $87,101 |
| Other costs | Operis | $40,000 |
| Other costs | Sperry Capital | $4,050 |
| Other costs | Steer Davies Gleave Inc | $70,396 |
From the costs of issuance reported to BRB. A firm that was not paid a reported fee is not listed.
Debt outstanding by fiscal year
Fiscal years 2021 to 2025
- Principal
- Interest
| Fiscal year? | Period? | Principal? | Interest? | Total debt service? |
|---|---|---|---|---|
| Fiscal year2025 | PeriodYear end | Principal$544,535,000 | Interest$227,599,650 | Total debt service$772,134,650 |
| Fiscal year2025 | PeriodPeriod 1 | Principal$544,535,000 | Interest$238,446,444 | Total debt service$782,981,444 |
| Fiscal year2024 | PeriodYear end | Principal$544,535,000 | Interest$249,293,238 | Total debt service$793,828,238 |
| Fiscal year2024 | PeriodPeriod 1 | Principal$544,535,000 | Interest$260,140,031 | Total debt service$804,675,031 |
| Fiscal year2023 | PeriodYear end | Principal$544,535,000 | Interest$270,986,825 | Total debt service$815,521,825 |
| Fiscal year2023 | PeriodPeriod 1 | Principal$544,535,000 | Interest$281,833,619 | Total debt service$826,368,619 |
| Fiscal year2022 | PeriodYear end | Principal$544,535,000 | Interest$292,680,413 | Total debt service$837,215,413 |
| Fiscal year2022 | PeriodPeriod 1 | Principal$544,535,000 | Interest$303,527,206 | Total debt service$848,062,206 |
| Fiscal year2021 | PeriodYear end | Principal$544,535,000 | Interest$314,374,000 | Total debt service$858,909,000 |
| Fiscal year2021 | PeriodPeriod 1 | Principal$544,535,000 | Interest$331,367,310 | Total debt service$875,902,310 |
State issues are reported twice each fiscal year. "Year end" is the balance at the end of the fiscal year (reporting period 2), which the chart and the totals on this site use; "Period 1" is the earlier report in the same year. Where BRB reports a year end in more than one row, the chart and the totals add them.
Costs of issuance
Download CSVOne-time costs to the issuer: $7,491,201, or $13.76 per $1,000 of par.
1 row reports no amount.
| Cost? | Paid to? | Type? | Amount? | Per $1,000? |
|---|---|---|---|---|
| CostBond counsel 1 fee | 6.2% of the issuer's costs | Subtotal $467,663 | Per $1,000$0.86 | |
| Similar issues: median $0.38 per $1,000 | ||||
| CostBond counsel | Paid toMcCall Parkhurst & Horton LLP | TypeOne time | Amount$467,663.00 | Per $1,000$0.86 |
| CostFinancial advisor 3 fees | 11.3% of the issuer's costs | Subtotal $849,631 | Per $1,000$1.56 | |
| Similar issues: median $0.37 per $1,000 | ||||
| CostCo-financial advisor | Paid toKPMG LLP | TypeOne time | Amount$329,221.00 | Per $1,000$0.60 |
| CostFinancial advisor | Paid toEstrada Hinojosa & Co Inc | TypeOne time | Amount$50,000.00 | Per $1,000$0.09 |
| CostStructuring | Paid toNot reported | TypeOne time | Amount$470,410.00 | Per $1,000$0.86 |
| CostUnderwriter 1 fee | 37.2% of the issuer's costs | Subtotal $2,790,176 | Per $1,000$5.12 | |
| Similar issues: median $3.31 per $1,000 | ||||
| CostUnderwriter's spread: takedown | Paid toNot reported | TypeOne time | Amount$2,790,176.00 | Per $1,000$5.12 |
| CostUnderwriter's counsel 1 fee | 6.3% of the issuer's costs | Subtotal $470,410 | Per $1,000$0.86 | |
| CostUnderwriter's counsel | Paid toMcGuire Woods LLP | TypeOne time | Amount$470,410.00 | Per $1,000$0.86 |
| CostRating agency 2 fees | 11.6% of the issuer's costs | Subtotal $871,306 | Per $1,000$1.60 | |
| Similar issues: median $0.44 per $1,000 | ||||
| CostRating agency | Paid toFitch | TypeOne time | Amount$408,401.00 | Per $1,000$0.75 |
| CostRating agency | Paid toMoodys | TypeOne time | Amount$462,905.00 | Per $1,000$0.85 |
| CostOther 14 fees | 27.3% of the issuer's costs | Subtotal $2,042,015 | Per $1,000$3.75 | |
| Similar issues: median $0.06 per $1,000 | ||||
| CostAttorney General review | Paid toNot reported | TypeOne time | Amount$19,000.00 | Per $1,000$0.03 |
| CostEscrow verification | Paid toBingham Arbitrage Rebate Services Inc | TypeOne time | Amount$6,700.00 | Per $1,000$0.01 |
| CostOther costs | Paid toArup | TypeOne time | Amount$20,000.00 | Per $1,000$0.04 |
| CostOther costs | Paid toCintra Inc | TypeOne time | Amount$766,195.00 | Per $1,000$1.41 |
| CostOther costs | Paid toDeloitte & Touche LLP | TypeOne time | Amount$2,300.00 | Per $1,000Under $0.01 |
| CostOther costs | Paid toGibson Dunn | TypeOne time | Amount$848,518.95 | Per $1,000$1.56 |
| CostOther costs | Paid toGibson Dunn | TypeOne time | Amount$151,481.05 | Per $1,000$0.28 |
| CostOther costs | Paid toNossaman LLP | TypeOne time | Amount$87,101.25 | Per $1,000$0.16 |
| CostOther costs | Paid toOperis | TypeOne time | Amount$40,000.00 | Per $1,000$0.07 |
| CostOther costs | Paid toSperry Capital | TypeOne time | Amount$4,050.00 | Per $1,000$0.01 |
| CostOther costs | Paid toSteer Davies Gleave Inc | TypeOne time | Amount$70,395.58 | Per $1,000$0.13 |
| CostPrinting | Paid toImageMaster LLC | TypeOne time | Amount$9,273.00 | Per $1,000$0.02 |
| CostTrustee | Paid toCitibank NA | TypeOne time | AmountNot reported | Per $1,000Not reported |
| CostTrustee counsel | Paid toHolland & Knight LLP | TypeOne time | Amount$17,000.00 | Per $1,000$0.03 |
| CostTotal, 22 fees | Amount$7,491,201 | Per $1,000 | ||
| CostCosts to the issuer | Amount$7,491,201 | Per $1,000$13.76 | ||
Bond counsel 1 fee6.2%$467,663$0.86 per $1,000Similar issues: median $0.38 per $1,000
- Cost
- Bond counsel
- Paid to
- McCall Parkhurst & Horton LLP
- Type
- One time
- Amount
- $467,663.00
- Per $1,000
- $0.86
Financial advisor 3 fees11.3%$849,631$1.56 per $1,000Similar issues: median $0.37 per $1,000
- Cost
- Co-financial advisor
- Paid to
- KPMG LLP
- Type
- One time
- Amount
- $329,221.00
- Per $1,000
- $0.60
- Cost
- Financial advisor
- Paid to
- Estrada Hinojosa & Co Inc
- Type
- One time
- Amount
- $50,000.00
- Per $1,000
- $0.09
- Cost
- Structuring
- Paid to
- Not reported
- Type
- One time
- Amount
- $470,410.00
- Per $1,000
- $0.86
Underwriter 1 fee37.2%$2,790,176$5.12 per $1,000Similar issues: median $3.31 per $1,000
- Cost
- Underwriter's spread: takedown
- Paid to
- Not reported
- Type
- One time
- Amount
- $2,790,176.00
- Per $1,000
- $5.12
Underwriter's counsel 1 fee6.3%$470,410$0.86 per $1,000
- Cost
- Underwriter's counsel
- Paid to
- McGuire Woods LLP
- Type
- One time
- Amount
- $470,410.00
- Per $1,000
- $0.86
Rating agency 2 fees11.6%$871,306$1.60 per $1,000Similar issues: median $0.44 per $1,000
- Cost
- Rating agency
- Paid to
- Fitch
- Type
- One time
- Amount
- $408,401.00
- Per $1,000
- $0.75
- Cost
- Rating agency
- Paid to
- Moodys
- Type
- One time
- Amount
- $462,905.00
- Per $1,000
- $0.85
Other 14 fees27.3%$2,042,015$3.75 per $1,000Similar issues: median $0.06 per $1,000
- Cost
- Attorney General review
- Paid to
- Not reported
- Type
- One time
- Amount
- $19,000.00
- Per $1,000
- $0.03
- Cost
- Escrow verification
- Paid to
- Bingham Arbitrage Rebate Services Inc
- Type
- One time
- Amount
- $6,700.00
- Per $1,000
- $0.01
- Cost
- Other costs
- Paid to
- Arup
- Type
- One time
- Amount
- $20,000.00
- Per $1,000
- $0.04
- Cost
- Other costs
- Paid to
- Cintra Inc
- Type
- One time
- Amount
- $766,195.00
- Per $1,000
- $1.41
- Cost
- Other costs
- Paid to
- Deloitte & Touche LLP
- Type
- One time
- Amount
- $2,300.00
- Per $1,000
- Under $0.01
- Cost
- Other costs
- Paid to
- Gibson Dunn
- Type
- One time
- Amount
- $848,518.95
- Per $1,000
- $1.56
- Cost
- Other costs
- Paid to
- Gibson Dunn
- Type
- One time
- Amount
- $151,481.05
- Per $1,000
- $0.28
- Cost
- Other costs
- Paid to
- Nossaman LLP
- Type
- One time
- Amount
- $87,101.25
- Per $1,000
- $0.16
- Cost
- Other costs
- Paid to
- Operis
- Type
- One time
- Amount
- $40,000.00
- Per $1,000
- $0.07
- Cost
- Other costs
- Paid to
- Sperry Capital
- Type
- One time
- Amount
- $4,050.00
- Per $1,000
- $0.01
- Cost
- Other costs
- Paid to
- Steer Davies Gleave Inc
- Type
- One time
- Amount
- $70,395.58
- Per $1,000
- $0.13
- Cost
- Printing
- Paid to
- ImageMaster LLC
- Type
- One time
- Amount
- $9,273.00
- Per $1,000
- $0.02
- Cost
- Trustee
- Paid to
- Citibank NA
- Type
- One time
- Amount
- Not reported
- Per $1,000
- Not reported
- Cost
- Trustee counsel
- Paid to
- Holland & Knight LLP
- Type
- One time
- Amount
- $17,000.00
- Per $1,000
- $0.03
- Total, 22 fees
- $7,491,201
- Costs to the issuer
- $7,491,201$13.76 per $1,000
Per $1,000 is computed here from each amount and the par. Subtotals and totals are rounded to the whole dollar.
How these costs are counted
- Net spread counted once. Takedown, management fee, spread expenses and underwriting risk make up the underwriter's spread. Where an issue reports an amount for any of them, its row for the underwriter's net spread (the same spread as one figure) is shown as a cross-check and not added.
- Paid by the underwriter: shown, not added to the issuer's costs. Rows BRB's table marks as paid by the underwriter (whether the underwriter paid the fee) are shown and count in the fees paid to that firm and role, but not in the issuer's one-time costs, per-$1,000 figures or medians.
- The issuer's one-time costs add every other one-time row: not annual fees, not rows paid by the underwriter, not the cross-check. Per $1,000 of par divides them by the issue's par and multiplies by 1,000 (computed here).
- Missing, zero and negative amounts. A row with no amount shows "Not reported" and is added to nothing. A reported $0 counts as $0, in sums and medians. A negative amount is added as reported; where a role's or firm's one-time costs on an issue come to less than $0, that issue is left out of the medians.
- Similar issues. The median per $1,000 of par for that group across other issues by the same type of issuer, with the same pledge, sold the same way, a par half to twice this one's and a fiscal year within 3 years, shown when at least 5 report it.
- Per $1,000 on each row is computed here from its amount and the par, not taken from BRB's rounded figure.
EMMA links are added as each issue is matched.
Source: State Issuance Fee By Year (updated by the publisher 8/27/2026); Debt Outstanding By Issuance State By Year (updated by the publisher 10/6/2026). Loaded here 10/17/2026.
Texas fiscal years run September 1 to August 31.
Issuer names are shown as published, without source footnote letters.
Figures are as reported to the agency and have not been independently verified.