Applegreen Secures $58.92 Million Bond for E-470 Service Plazas
Deal News | Aug 08, 2025 | Hogan Lovells
Applegreen has secured a $58.92 million bond financing for the development of four new service plazas along the E-470 highway in Colorado. This financing is part of a broader $70 million investment. The project involves the transformation of decommissioned toll plazas into modern service areas offering food and beverage outlets, retail, fuel, and EV charging stations, and is expected to enhance travel experiences in the region. The legal aspects of the financing, development, ground leases with the E-470 Authority, and operational agreements were managed by Hogan Lovells, with a team led by partner David Locascio. The first service plaza is expected to open in 2026.
Sectors
- Infrastructure Development
- Public Finance
- Legal Services
Geography
- United States – The project is taking place in the United States, specifically involving highway infrastructure and finance in Colorado.
- Colorado – The specific location of the E-470 highway project and service plazas is in Colorado.
Industry
- Infrastructure Development – The article discusses the development of service plazas along a highway, which is a key aspect of infrastructure development.
- Public Finance – The bond issuance by the Public Finance Authority for financing a large-scale public project falls under public finance.
- Legal Services – Hogan Lovells, a law firm, is involved in advising on various aspects of the project, indicating the importance of legal services.
Financials
- 58.92 million – Amount of bond financing secured by Applegreen for the E-470 service plazas project.
- 70 million – Total investment being made by Applegreen for the project, including the bond financing.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Applegreen | Borrower | Company | Applegreen is the company securing the bond financing for the E-470 service plazas project. |
| Hogan Lovells | Legal Advisor | Company | Hogan Lovells is serving as legal advisor to Applegreen for the project. |
| E-470 Public Highway Authority | Collaborator | Government | The authority managing the E-470 highway and collaborating on the project. |
| Public Finance Authority | Bond Issuer | Government | Issuer of the bonds used to finance the project. |
| Cities of Aurora, Parker, and Commerce City | Local Collaborators | Government | City governments involved in the collaboration for the project. |
| David Locascio | Lead Partner | Person | Hogan Lovells partner leading the legal team advising Applegreen. |