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Bridging Pennsylvania Partners, a consortium comprised of Macquarie Capital and S&B USA Concessions – through Bridging Pennsylvania Developer I, LLC – has reached financial close with PennDOT of the first package of the Major Bridge P3 Program.
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Design and construction can now commence on six bridges in critical need of replacement across the Commonwealth of Pennsylvania.
HARRISBURG, Pa., December 22, 2022–(BUSINESS WIRE)–Bridging Pennsylvania Partners (“BPP”), a consortium comprised of Macquarie Capital and S&B USA Concessions – through Bridging Pennsylvania Developer I, LLC (“BPD1”) – has reached financial close with the Pennsylvania Department of Transportation (“PennDOT”) for the first package of its Major Bridge P3 program (the “Program”) to replace six bridges across the Commonwealth out of nine bridges included in the Program.
The project consists of the design, build, financing, and maintenance of six bridges in critical need of replacement across the Commonwealth – I-81 Susquehanna, I-80 Nescopeck Creek, I-78 Lenhartsville, I-80 Lehigh River, I-80 Canoe Creek and I-80 North Fork – plus related roadway and supporting infrastructure, delivered under an availability-based P3 structure. Commercial close was reached between BPD1 and PennDOT on Nov. 29, 2022.
The financing included a mix of equity and debt. The project sponsors will contribute $202 million in equity and raised $1.8 billion in private activity bonds (“PABs”). In challenging capital market…
