The I-595 Express Project, developed by the Florida Department of Transportation, is a 10.5 mile corridor improvement project located in Florida and is one of the main transport corridors in southern Florida, linking Fort Lauderdale and Miami on the state?s west coast. The project consists of the reconstruction, addition of auxiliary lanes and resurfacing of the I-595 mainline, as well as associated improvements to frontage roads and ramps, and a new reversible express lanes system in the I-595 median.
ACS Infrastructure Development Inc. was supported throughout the process by a team including the contractor Dragados USA, designer Earth Tech Aecom, financial advisor Macquarie Bank, Concessionaire?s legal counsel Dewey & Lebouf, lender?s legal counsel Simpson Thacher, local counsel Hunton & William, lender technical advisor Scott Wilson, insurance advisor Allied, insurance advisor Marsh and O & M advisor Roy Jorgensen Associates Inc.
The Financing Structure
The financing structure for the project contains Bank Debt Financing and a TIFIA Subordinated Loan. Bank Debt financing which totals 780 million US dollars is comprised of tranche A associated with Final Acceptance Payments, along with tranche B, associated with Availability Payments. Tranche A matures in 2018 and is valued at 525 million US dollars. Tranche B for a total value of 255 million US dollars matures in 2019 and will be refinanced by year 10. The TIFIA Subordinated Loan amount is 678 million US dollars and has been granted by the US Department of Transportation.
A Bank Club Deal has financed the I-595 Express Project. The Club Deal is comprised of 12 different banks including, Santander, Calyon New York Branch, La Caixa, Société Générale, Dexia Credit Local, New York Branch, Caja Madrid, National Australia Bank Limited, Banco Popular Español, BBVA, Banco de Sabadell , WestLB, and Caixa Nova. The large debt of this project was oversubscribed by the lenders, showing a strong support from the financial market to a reliable sponsor. This shows ACS?s strength in the current market and its ability to deliver financial backing during financial downturns.
ACS Group has successfully closed finance on its second billion dollar project in North America in the past months. As well as being awarded the I-69 in Texas, and the Mid-Currituck Bridge in North Carolina. The support ACS has seen from the financial market for both the I-595 Project in the US, the A-30 in Montreal, Canada, and projects currently being prepared can be attributed to its strong global presence, and a commitment to infrastructure development.
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