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Macquarie and Fluor's Denver transit PABs launch
23 July 2010
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[fluor]
[macquarie]
[RTD]
[colorado]
Bank of America Merrill Lynch and Barclays Capital are launching $404 million in tax-exempt private activity bonds (PABs) to finance the $1.65 billion Eagle P3 commuter rail project in Denver. The local Regional Transportation District (RTD) will issue the series 2010 bonds on behalf of concessionaire Denver Transit Partners, made up of sponsors Fluor (10%) and Macquarie (90%).
At financial close, which is expected in August, Macquarie is set to sell down its stake to the Lloyds-owned private equity vehicle Uberior Infrastructure Investments and John Laing. As a result, the final ownership structure in the project company would be Fluor (10%), Uberior (45%) and Laing (45%). According to the preliminary offering documents, the average yield to maturity is estimated at 6.17% over a term of 30 years ending in 2040.
RTD...
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