Applegreen Secures $58.92 Million Bond for E-470 Service Plazas
Deal News | Aug 08, 2025 | Hogan Lovells
Hogan Lovells has advised Applegreen on obtaining a $58.92 million bond financing for its transformative project of creating new service plazas from decommissioned toll plazas on the E-470 highway. Backed by the issuance of Public Finance Authority Senior Lien Revenue Bonds, the project comprises the construction of four new service plazas as part of Applegreen's broader $70 million investment. These plazas will feature facilities such as food outlets, convenience stores, fuel and EV charging stations, and enhanced rest areas. The project is a joint effort with the E-470 Public Highway Authority and the cities of Aurora, Parker, and Commerce City. The advisory team from Hogan Lovells was led by partner David Locascio and included expertise from several other partners and associates.
Sectors
- Infrastructure Development
- Financial Services
- Legal Services
Geography
- United States – The project is taking place in the U.S., specifically involving the E-470 Highway in Colorado, including the cities of Aurora, Parker, and Commerce City.
- Ireland – Applegreen, the target company, is headquartered in Ireland.
Industry
- Infrastructure Development – The project involves construction and redevelopment of toll plazas into service plazas, indicating involvement in infrastructure development.
- Financial Services – The issuance of bonds to finance the project indicates activity in the financial services sector.
- Legal Services – Hogan Lovells provided legal advisory services for the project development and financing, highlighting the role of legal firms in such transactions.
Financials
- US$58.92 million – The amount raised through bond financing for the project.
- US$70 million – The total investment Applegreen is making in the service plaza project.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Applegreen | Target/borrower | Company | Applegreen is involved in the development of service plazas on the E-470 highway. |
| Hogan Lovells | Legal Advisor | Company | Hogan Lovells advised Applegreen on the bond financing and project development. |
| E-470 Public Highway Authority | Collaborator | Government | The authority managing the highway where the service plazas are to be developed. |