Gradually, there is a need to diversify financing sources with the development of the SPV and the increased scale of activities of the project. In such situation, the company, not having the possibility of entering the public capital market, may use debt securities programs. Discounts and medium term notes, bills, and letters of credit can be used for payment during the operation stage expenditure of the highway infrastructure project. It corresponds with the next level of the company development in its financial strategy. This contributes to expanding the number of creditors and the formation of a positive credit history.
The expansion of the project, for example, an increase in the length of the highway, and the increase of the number of lanes, at the stage of operation may again require some capital investments. Consistently carrying out activities, in accordance with the financial strategy, allows the project company to become known and it has a possibility to enter the public capital market to attract a greater amount of funds using mechanisms of stock market. The most common capital market instruments are the securities — shares and bonds.
The issue of bonds is justified if it is necessary to attract significant resources for a long-term period. As a rule, the bonds of PPP highway infrastructure projects are placed on investment institutions, for example pension funds. Placed on the operation stage, bonds have a lower risk, thereby a lower interest rate. The purpose of the bond issue may be the release of the initial investor's funds. The highest stage of the project company's financial strategy is initial public share offering at the capital market. This financing source can be defined as the most costly and time-consuming. It seems appropriate when the resources from other sources are insufficient, since the sale of shares implies an increase of the number of owners, which can influence the project management process. The scheme in Fig. 4 illustrates the approach described above.