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Hilltop Securities outlines financing structure, credit risks for Hidalgo County RMA toll project
Summary
Hilltop Securities presented the RMA—oard with the authority ebt profile, bond ratings, and the principal risk for investors: traffic and revenue forecasts. Presenters described roughly $279 million outstanding and said vehicle-registration fees are an important revenue backstop for early years.
Hilltop Securities told the Hidalgo County Regional Mobility Authority board on Feb. 2025 that the authority—urrently carries several series of debt tied to the 365 Tollway and related projects and that the largest near-term risk for investors is the revenue forecast for a greenfield toll facility.
Richard Ramirez, managing director at Hilltop Securities, said the authority has issued multiple series since inception and currently has about $279 million outstanding. Ramirez said the 2020 series are supported fully by vehicle-registration-fee (VRF) revenues while the 2022 series are supported by a combination of VRF and toll revenues. He added that VRF revenues make up roughly 25% of total revenues but cover about half of near-term debt service.
"Well, the biggest thing is is the revenue…
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