San Joaquin Hills Transportation Corridor Agency Approves Consent Solicitations

On September 11, 2014, the San Joaquin Hills Transportation Corridor Agency approved a resolution authorizing the solicitation of consents from the holders of its San Joaquin Hills Transportation Corridor Agency, Toll Road Refunding Revenue Bonds, Series 1997A (the "1997A Bonds") in order to implement certain amendments to the authorizing indenture. This consent solicitation is part of the agency's plan to refinance all of the agency's San Joaquin Hills Transportation Corridor Agency, Toll Road Revenue Bonds, Series 1993 (the "1993 Bonds") and all or a portion of its 1997A Bonds.

The refinancing transaction (the Transaction) is being undertaken to improve the agency's financial position by reducing its average annual debt service and by revising certain legal covenants under its indentures to obtain greater financial flexibility. The Transaction is expected to result in all of the 1997A Bonds remaining outstanding following completion of the Transaction receiving an investment grade category by at least one national rating agency. There can be no assurance that the Transaction will be completed.

The consent solicitation period has not yet commenced. However, the agency expects to distribute consent solicitation materials in the near future. Any consent given pursuant to the solicitation will be of no further force and effect if the Transaction is not consummated by a date specified in the solicitation materials (Solicitation Materials).

This document and the information contained herein do not constitute an offer to sell or the solicitation of an offer to buy any security. Such an offer can only be made pursuant to an Official Statement of the Agency. The Agency anticipates preparing an Official Statement in connection with the Transaction.

Nor does this document and the information contained herein constitute a solicitation of the 1997A Bondholders to approve any amendment to an indenture, which shall only be made pursuant to Solicitation Materials to be distributed by the Agency.

The San Joaquin Hills Transportation Corridor Agency (SJHTCA) is a joint powers authority formed by the California legislature in 1986 to plan, finance, construct and operate the 15-mile San Joaquin Hills Transportation Corridor (SR 73). Elected officials from surrounding cities and county supervisorial districts are appointed to serve on each agency's board of directors. Public oversight ensures that the interests of local communities and drivers are served and that TCA continues to meet the region's growing need for congestion-free transportation alternatives.

The Transportation Corridor Agencies (TCA) are two joint powers authorities formed by the California legislature in 1986 to plan, finance, construct and operate Orange County's 67-mile public toll road system. Fifty-one miles of the system are complete, including the 73, 133, 241 and 261 Toll Roads. A quarter of a million people from all over Southern California use TCA's toll roads each day. Elected officials from surrounding cities and county supervisorial districts are appointed to serve on each agency's board of directors. Public oversight ensures that the interests of local communities and drivers are served and that TCA continues to meet the region's growing need for congestion-free transportation alternatives.

The Toll Roads Media Relations
Sarah Swensson King
Media Relations Manager
SKing@thetollroads.com
949.754.3417

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