Macquarie Corporate Finance Announces Acquisition Agreement for San Diego's Proposed SR-125 Toll Road.
NEW YORK--(BUSINESS WIRE)--Sept. 4, 2002
Macquarie Corporate Finance (USA) Inc. (MCF), a registered US broker-dealer, announced today that its client, Macquarie Infrastructure Group The Macquarie Infrastructure Group ASX: MIG is one of several listed trusts managed by Macquarie Bank Limited.
Macquarie Infrastructure Group is one of the world's largest developers and operators of private toll roads with a portfolio of 11 toll roads across seven countries (MIG), has signed an acquisition agreement to purchase the concessionaire with the right to develop the $650 million SR-125 toll road project in San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation).
San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. .
MIG, an Australian listed fund and international investor in toll roads, has agreed to acquire 100 percent of Californian Transportation Ventures Inc. (CTV) and 82 percent of San Diego Expressway Limited Partnership (SDELP SDELP San Diego Expressway Limited Partnership ), the concessionaire for the SR-125 project. MIG will be acquiring its interests from Parsons Brinckerhoff, a US engineering firm and Egis, a French engineering firm. The acquisition will be completed within two weeks and the project is expected to reach financial close by the end of 2002.
MCF has been advising MIG on the transaction since August 2001. "This is an important step for Macquarie Corporate Finance's advisory business," said Murray Bleach, head of the Project Finance team at MCF. "It is very pleasing to successfully advise and to deliver on a significant project of this complexity within 12 months of establishing our US toll road finance team."
Bleach further adds, "The Macquarie group is a leader in the international toll road sector, having been involved in more than 30 projects globally in an advisory or management capacity. MCF is currently participating in a number of consortia to develop toll road Public Private Partnerships (PPP (Point-to-Point Protocol) The most popular method for transporting IP packets over a serial link between the user and the ISP. Developed in 1994 by the IETF and superseding the SLIP protocol, PPP establishes the session between the user's computer and the ISP using ) elsewhere in the US. We believe the innovative and flexible financing structure planned will contribute to the success of the SR-125 and be applicable to other US projects," Bleach said.
The SR-125 project has qualified for $140 million of federal loan funding through the United States Department of Transportation's TIFIA program, and has also received local financial support through $138 million of funding committed by San Diego Association of Governments The San Diego Association of Governments (abbreviated SANDAG) is an association of local San Diego County governments. It is mainly a regional planning agency, with policy makers consisting of mayors, councilmembers, and a County Supervisor. (SANDAG SANDAG San Diego Association of Governments ). The SANDAG funding will be dedicated to construction of the Gap and Connector sections of the project, which will be important untolled links between the SR-125 toll road and the existing San Diego freeway The San Diego Freeway (Interstate 405, and the part of Interstate 5 south of the El Toro Y) is one of the principal north-south highways in Southern California, and the major beltway of I-5 running through Southern California. network. The City of Chula Vista has also played an important role in the development of SR-125 by facilitating a land dedication program required for the project right of way.
About Macquarie Group
Macquarie group provides specialist investment, advisory and financial services in select markets around the world, with over 5000 people located in 16 countries.
`Macquarie group' comprises Macquarie Bank Limited (Macquarie Bank), a company authorised under the Banking Act 1959 (Cth) to conduct banking business in Australia, and its worldwide affiliated entities. Macquarie Bank is a provider of a full range of investment banking, financial markets and retail financial services in Australia. The approach of the group is driven by a deliberate focus on areas of business where its specialist expertise delivers a real advantage for clients. In the USA Macquarie Corporate Finance (USA) Inc provides its clients with a wide range of financial advisory, structuring and arranging services within the Road, Rail, Transit, Water, Power, Gas and Electricity sectors. Macquarie Corporate Finance (USA) Inc is a registered NASD NASD
See: National Association of Securities Dealers
See National Association of Securities Dealers (NASD). broker dealer and a member of Securities Investor Protection Corporation Securities Investor Protection Corporation (SIPC)
A nonprofit corporation that insures customers' securities and cash held by member brokerage firms against the failure of those firms. (SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. ).