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Macquarie Corporate Finance Announces Acquisition Agreement for San Diego's Proposed SR-125 Toll Road.

Business Editors

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 (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.

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), 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) 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 (SANDAG). 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 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 broker dealer and a member of Securities Investor Protection Corporation (SIPC).
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Publication:Business Wire
Geographic Code:8AUST
Date:Sep 4, 2002
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