Cezary Podkul
Does a deal closure in Miami herald better times? Stephanie Kopelousos, the Florida Secretary of Transportation, reflects on a project that went to the brink and back.
Mark Florian went from advising on blockbuster toll road deals for one of Wall Street’s finest to building out an energy infrastructure team at the world’s oldest energy private equity firm. In his first interview since joining First Reserve from Goldman Sachs last year, he tells Cezary Podkul why he made the transition and what he hopes to accomplish at his new employer.
At an industry forum held last week, Puerto Rico Governor Luis Fortuño told attendees he was an ‘unwavering’ believer in PPPs, and presented attendees with 16 top-priority projects he hopes to implement soon. A search for financial, legal and other advisors is under way.
The close brings to life the second availability payment-based transportation infrastructure project in the United States. In the end, ten banks provided $341m in senior loans toward the $903m project. Equity investors Meridiam and Bouygues contributed $80m.
The City of Miami has delivered a $50m letter of credit needed for the the project to proceed to financial close.
A deadline to reach financial close by 1 October came and went, but parties to the deal are still aiming to consummate the transaction. The City of Miami has until 8 October to approve a $50m letter of credit needed for the project to close, according to a spokesperson.
Investors eager to gain exposure to the US infrastructure story have more choices than ever for doing so, including the newly-introduced Build America Bonds. With $33bn issued, are these securities likely to pose a threat to PPPs? Cezary Podkul investigates.
Florida’s $1.68bn I-595 corridor improvement is probably the most celebrated toll road deal in the US since the Chicago Skyway. Yet by all accounts, it’s the deal that almost wasn’t. Cezary Podkul examines how the project happened.
US pensions are looking to educate themselves about infrastructure asset managers – the best sign yet that they may yet follow Australian superannuation funds in fueling the growth of the asset class in a big way.
The Australian investment bank will assist the US territory in formulating guidelines, procedures and methodologies for the programme. The programme was enabled in June by a PPP law that Macquarie managing director DJ Gribbin hailed as ‘one of the best legal structures in the United States’ for PPPs.