Richard A. Cosgrove

Chapman represented the solicitation agent and the lead underwriter in the solicitation of consents from the Series 2012 Bondholders to permit the extension of the I-95 Express Lanes project in Arlington County, VA and the issuance of tax-exempt Series 2017 Bonds, on a parity with the outstanding Series 2012 Bonds, to finance the I-395 segment improvements. The $475 million project will extend high occupancy vehicle and high occupancy toll lanes along the I-395 corridor to the Pentagon pursuant to a long-term concession between the Virginia Department of Transportation (VDOT) and an entity owned by affiliates of the operator.

Chapman served as underwriter’s counsel for a public-private partnership (P3) toll road financing that was named The Bond Buyer’s inaugural P3 Deal of the Year (2019). The Commonwealth of Virginia partnered with Transurban, an Australian toll road operations company, to finance the construction of the Fredericksburg Extension, an extension of the I-95 HOV/HOT Lanes (Express Lanes) in Stafford County, VA. The project is financed in part by $262 million of tax-exempt private activity bonds issued by the Virginia Small Business Financing Authority. 

Chapman served as counsel to the underwriter in connection with a first-of-its-kind $236 million tax-exempt receivables financing of the Lincoln South Beltway public-private partnership (P3) project, which was named The Bond Buyer’s 2020 P3 Deal of the Year. The transaction involved an innovative contractor-led build finance structure and is the largest single-contract project in the history of the project grantor, the Nebraska Department of Transportation. Chapman also served as underwriter’s counsel for the Fredericksburg toll road extension P3 financing in Virginia that was named The Bond Buyer’s inaugural P3 Deal of the Year in 2019.

Chapman represented the underwriters in the $638 million refinancing of three outstanding debt obligations issued in 2019, 2017, and 2012 by the Virginia Small Business Financing Authority to finance the construction of the Fredericksburg Extension of I-95 in Stafford County, Virginia, as well as HOV/HOT Lanes (Express Lanes) along I-95 and I-395 in northern Virginia pursuant to a long-term concession between the Virginia DOT and an entity owned by affiliates of Transurban.