Published 07 June 2011 Financial Close Achieved for Gold Coast Rapid Transit Project
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.