NewswireToday - /newswire/ -
Rueil-Malmaison, Hauts de Seine, France, 2013/03/28 - WVB East End Partners, a consortium led by VINCI Concessions (33.3%) with Walsh Investors (33.3%) and Bilfinger Berger PI International Holdings (33.3%) announced that it has finalized the financing for the East End Crossing project.
• Project includes construction of bridges and tunnel linking Louisville, Kentucky, to Southern Indiana in one of the biggest transportation infrastructure projects in the US.
• Private activity bonds rated “BBB” by Standard & Poor’s, the first S&P public rating for such a public-private partnership project in the US, and by Fitch rating services.
WVB East End Partners, a consortium led by VINCI Concessions (33.3%) with Walsh Investors (33.3%) and Bilfinger Berger PI International Holdings (33.3%), announced today that it has finalized the financing for the East End Crossing project, which is part of the larger Ohio River Bridges Project.
The Standard & Poor’s and Fitch bond rating services have assigned a “BBB” rating with a “Stable” outlook to $677 million in private activity bonds that will finance the project. In its report, Standard & Poor’s notes that this is the first time it has issued a rating for a public-private partnership of this type in the United States.
East End Crossing is a public-private agreement between WVB East End Partners and the Indiana Finance Authority for:
- A 2,500 feet-long cable-stayed main bridge across the Ohio River that will link Louisville, Kentucky, to Southern Indiana;
- A 1,680 feet-long twin-bore tunnel on the Kentucky approach to the bridge;
- 19 additional smaller bridges
- And associated roadway improvements and infrastructure work.
The main bridge will be located about 8 miles from downtown Louisville and is part of the broader Ohio River Bridges Project, one of the largest transport improvement projects in the United States.
The consortium, led by VINCI Concessions, also will be responsible for the operation, routine maintenance and rehabilitation of a substantial portion of the East End Crossing for a period of 35 years.
The works, scheduled to take 3.5 years, will be executed by a design-build joint venture including Walsh Construction (60%), VINCI Construction Grands Projets (40%) and Jacobs Engineering for the engineering works. Construction is set to commence in May 2013 and completion is expected by autumn 2016. The total value of the contract is approximately $1 billion (€780 million).