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September 2011 - Crédit Agricole CIB finances the privatisation of two highways in Puerto Rico
In September 2011, Crédit Agricole CIB acted as mandated lead arranger in the financing for the privatisation of PR-22 and PR-5 highways in favour of Autopistas Metropolitanas de Puerto Rico, LLC.
On June 27, 2011, Autopistas Metropolitanas de Puerto Rico, LLC, a consortium composed of Goldman Sachs Global (22.7%), Goldman Sachs International (32.3%%) and Abertis (45%), was selected by the Government of Puerto Rico to bring these highways to world-class standards.
The Concession Fee consideration for the highways was USD 1,136 million. Overall project costs were funded in part by project debt including:
- a USD 750 million, 7-year term loan facility
- and a USD 75 million, 7-year capex facility.
Crédit Agricole CIB acted as mandated lead arranger and as administrative agent in these facilities, among 11 other banks.
The transaction represents the largest infrastructure privatisation in North America in the recent years and the largest private investment in infrastructure in 2011 in the United States.
"Crédit Agricole CIB is very pleased to support one of the major infrastructure projects in North America over the last years. This new success bears witness to the complementary expertise of our infrastructure and local coverage teams", comments John O’Neil, Global Head of Infrastructure.
The project is being privatised under a finance, operate and maintenance type concession agreement with the Puerto Rico Highways and Transportation Authority for a period of 40 years. PR-22 and PR-5 are critical elements of Puerto Rico’s toll road network.
An accelerated safety upgrade investment program aimed at rehabilitating and improving the safety of these two highways, started in late 2011 and is expected to be completed over the next three years.