Financial Close Achieved for Gold Coast Rapid Transit Project
7th June 2010, Gold Coast, Australia: GoldLinQ is pleased to announce it has finalised private sector financing arrangements for the Gold Coast Rapid Transit Project (GCRT).The GCRT is a A$1 billion 18 year Public Private Partnership contract with the Queensland State Government to design, build, finance, operate and maintain a light rail public transportation system.
GoldLinQ Chairman, Mr John Witheriff, said, “The manner in which financial close was achieved is a testament to the quality of the project and the overwhelming support it has gained within the financing team.”
Mr Paul Oppenheim, Managing Director, Plenary Group, financial arrangers for the project, said that moving from contractual close to financial close in just 5 weeks was the result of a highly effective Government process and clarity of purpose amongst the consortium.
“This is an outstanding outcome, the result of clear decision making from both the public and private sector teams and a mutual determination to ensure this project commences on time and remains on track”, Mr Oppenheim said.
The Project’s private financing will include $365m of debt and $65m of equity.
Equity financing will come from Marubeni Group (26.7%); International Public Partnerships Limited (26.7%): Keolis SA (10%); Aveng Australia (10%); and Plenary Group, in a strategic alliance with Palisade’s Australian Social Infrastructure Fund (26.7%).
The equity group has been selected for the experience and capabilities they bring to transport projects and their long term commitment to local partnerships. GoldLinQ’s debt will be drawn through a full term 18 year facility from international banks (Intesa SanPaolo SpA, Export Development Canada, Banco Bilbao Vizcaya Argentaria and KfW IPEX – Bank Gmbh) - an outcome that enhances financing cost certainty over the life of the project.
Consisting of 14 light rail vehicles and 16 stations, the GCRT will service a 13 kilometre route between the Gold Coast University Hospital and Broadbeach; one of the fastest growing regions in Australia.
Patronage numbers are expected to grow to 50,000 passengers per day and GoldLinQ has in-built capacity to cater for up to 75,000 passengers per day.
The first passengers will board the new light rail system on the Gold Coast in 2014.
Note:
About the GoldLinQ consortium selected to deliver the project as a PPP KDR Gold Coast Pty Ltd - operations and maintenance - KDR is the joint venture between Keolis and Downer EDI, which also currently operates and maintains the Melbourne tram system, Yarra Trams. Keolis SA is the world’s largest private-sector operator of light rail vehicles, established in 12 countries on three continents. Downer EDI Ltd, provides comprehensive design engineering, infrastructure and asset management services to the transport, energy and resources sectors, supported by its various specialist divisions.
Bombardier Transportation Australia Pty Ltd - design and supply of the light rail vehicles and rail systems - is the Australian subsidiary of Bombardier Inc, a world leader in the design, build, operations and maintenance of sustainable rail transport systems. Bombardier Inc operates in more than 60 countries on 5 continents. Bombardier has supplied more than 2,400 light rail vehicles worldwide.
McConnell Dowell Constructors (Aust) Pty Ltd - infrastructure and building works - an established engineering and construction organisation servicing the transport, utilities and social infrastructure industries with design, civil and building capabilities. Operating in over 26 countries across Africa, Australasia and the Pacific region and the Middle East.
Plenary Group Pty Ltd - financial arranger and commercial adviser - is an independent public private partnership business. The business invests in, develops and operates public infrastructure over the long term. With a team of professionals across Australia, Canada and Singapore, Plenary Group has successfully closed 18 PPP projects with a total value in excess of A$7 billion.
ENDS
About McConnell Dowell Corporation Limited:
McConnell Dowell is a major engineering, construction, building and maintenance contractor delivering infrastructure to the building, mining, oil & gas, power, petrochemical, social & public infrastructure, transport and water sectors.
The Group has a broad construction offering with complete multi-discipline capability in building, civil, fabrication, electrical and mechanical works and are engineering and construction specialists in pipeline, tunnelling, marine and rail construction.
The Company employs approximately 8,000 personnel throughout Australia, Asia, New Zealand, the Pacific and the Middle East.
ENQUIRIES:
Angeleen Jenkins
Director / General Manager - New Business
McConnell Dowell Corporation Limited
P: +61 3 9816 2400
F: +61 3 9819 4856
E:
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
