Cezary Podkul
The City of Chicago is expected to give the investors up to six more months to reach financial close on their $2.5bn long-term lease of the Chicago airport. The investor group was originally targeting 6 April for financial close.
The US credit assistance program for infrastructure will award financing to projects based on a competitive, fixed-date solicitation process, TIFIA Director Mark Sullivan told delegates gathered at the Public-Private Partnerships USA Summit in Washington DC.
Four minority shareholders in the Spanish toll road operator argue that tendering their shares to majority owner Ferrovial in a stock swap would give them exposure to unwanted businesses, geographies and risks. Analysts say the buyout would help the Spanish infrastructure manager strengthen its cash position amid ongoing deleveraging efforts.
Cezary Podkul examines the reasons behind banks’ retreat from project finance.
The switch from a vehicle fuel tax to a vehicle miles traveled tax would be complemented by a range of financing mechanisms like expansion of the TIFIA credit program and more support for PPPs, according to the National Surface Transportation Infrastructure Financing Commission’s final report to Congress.
The New York-based infrastructure fund manager will pay $526.5m in cash for a 50% stake in the Haynesville Expansion joint venture, which is being sponsored by midstream energy partnership Regency Energy Partners.
The New York Stock Exchange-listed Macquarie satellite will use cash accumulated from the dividend suspension to accelerate reduction of its $1.8bn debt burden. It may also seek bankruptcy protection for its heavily indebted airport parking business, which has seen revenues erode due to slower airline traffic.
The troubled UK lender will no longer provide long-term project finance loans with durations of more than 15 years but it will continue to make such loans of 'appropriate length', according to people familiar with the matter.
Unlisted GPs may be writing a premature obituary for listed infrastructure funds, argues Cezary Podkul.
The Municipal and Infrastructure Assurance Corporation, capitalised by Macquarie at $75m as of September 2008, will be able to obtain its licenses to provide bond insurance in all US states and territories more quickly as part of a pilot licensing program.