The Texas Turnpike Authority plans to sell $25 million of senior lien revenue bonds on Aug. 18 to build a toll tunnel under the Addison Airport, located north of Dallas, the agency's financial adviser said last week.

At an authority board meeting Thursday, Wayne Placide, an executive with Fist Southwest Co., said an updated traffic and revenue study should be completed by the end of this month.

Approval of the debt issue is expected to go before the Texas Bond Review Board in July, Placide said. If all goes as planned, the sale should close in mid-September, he said.

The bookrunning manager will be Grigsby Brandford & Co., with Merrill Lynch & Co. as co-senior managers, and Artemis Capital Markets and Estrada Hinojosa & Co. as co-managers.

The tunnel, to be part of the Dallas North Tollway system, will run for less than one-half mile under the Addison Airport to connect Keller Springs Road in Addison.

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