WASHINGTON — Australian infrastructure giant Transurban will concede the 8.8-mile Pocahontas Parkway toll road near Richmond, Va. to its lenders, a year after admitting the road was failing to live up to its revenue projections.

Transurban’s board approved earlier this month the transfer of the underperforming road, to which the company acquired sole rights to operate for 99 years in 2006 after it defeased the nearly $400 million bond debt created to finance the road’s construction and acquired a $150 million Transportation Infrastructure Finance and Innovation Act loan from the U.S. Department of Transportation.

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