Morgan Stanley to go all-equity for Chicago meters
The City of Chicago and the Chicago Park District have awarded a 75-year concession of the city's on-street metered parking to a consortium led by the Morgan Stanley Infrastructure Fund. The consortium, made of the fund and LAZ Parking, bid $1.57 billion for the concession. According to a source familiar with the deal, Morgan Stanley Infrastructure Fund had lined up Royal Bank of Scotland as its sole debt arranger, but decided against bidding using the debt, and is likely to fund the purchase using all-equity.
Consortiums led by Cintra and Macquarie were also shortlisted to bid. Barclays Capital was said to have been supporting all three bidders but withdrew its commitments shortly before the bids were due. The Cintra consortium was advised by RBC, and was also granted credit approval to lend to the project just before the bids were due,...
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