NEW YORK, March 2 /PRNewswire/ -- Macquarie Securities (USA) Inc.
(Macquarie Securities), a registered US broker-dealer, announced today that
its client, The Baldwin County Bridge Company, LLC, has executed final
financing documentation with HSH Nordbank AG, New York Branch, marking the
successful refinancing of the Baldwin County Bridge in Alabama.
The Baldwin County Bridge Company (BCBC) owns the toll bridge which spans
the intracoastal waterway at the south end of the Foley Beach Express in
Baldwin County, Alabama. Constructed by BCBC in 1999, the bridge provides the
local community and vacationers with rapid, alternative access to the Alabama
Gulf Shores resort region from mainland Alabama.
Macquarie Securities advised BCBC on the capital restructuring and
refinancing of the bridge and worked closely with the company to appoint HSH
Nordbank as lead arranger, negotiate terms and guide the transaction to
successful financial close.
The terms of the transaction involve the refinancing of the original fixed
rate debt provided to BCBC by John Hancock, and the ability for BCBC to make
additional drawdowns to payout residual financing tranches currently held by
John Hancock and ArcLight Capital.
In addition to the refinancing, BCBC has entered into a public-private
partnership with the City of Orange Beach which involves the City making
specified annual payments to BCBC in return for the City receiving several
benefits. Key benefits for the City include a traffic fee sharing
arrangement, an option to purchase the structure in 30 years and annexation of
BCBC property into the City.
"The successful financial close of the Baldwin County Bridge refinancing
is a very positive result for our advisory business," said Murray Bleach, head
of the Infrastructure Advisory group at Macquarie Securities.
"Achieving financial close on this refinancing demonstrates the
commitment, skills and experience of our toll road team. We are greatly
encouraged by the result for our client which follows Macquarie Securities'
successful SR125 South Toll Road transaction being named 2003 North American
Transport Deal of the Year by Project Finance magazine," Mr Bleach said.
"This is further endorsement of Macquarie Securities' expertise in the
infrastructure sector and our strong credentials in the toll road financing
arena in the North American market," he said.
"We also appreciate the commitment of the team at HSH Nordbank, and their
dedication to the completion of the refinancing," Bleach said. "They have
displayed a strong understanding of the flexible financing structure suited to
assets of this nature and we look forward to working with HSH Nordbank on
other North American transactions," he said.
NOTES TO EDITORS
Macquarie Securities (USA) Inc. provides its clients with a wide range of
financial advisory, structuring and arranging services within the road, rail,
transit, water, power, gas and electricity sectors.
Macquarie Securities is a member of the Macquarie group of companies. The
Macquarie group provides specialist investment, advisory and financial
services in select markets around the world, with over 5000 people in 18
countries.
The Macquarie group comprises Macquarie Bank Limited, a company authorised
under the Banking Act 1959 (Cth) to conduct banking business in Australia, and
its worldwide affiliated entities. Macquarie Bank Limited is publicly listed
on the Australian Stock Exchange, with a market capitalisation of
approximately $6 billion. The approach of the group is driven by a deliberate
focus on areas of business where its specialist expertise delivers a real
advantage for clients.
Macquarie Securities (USA) Inc. is not an authorized deposit-taking
institution for the purposes of banking act (Commonwealth of Australia) 1959,
and Macquarie Securities (USA) Inc.'s obligations do not represent deposits or
other liabilities of Macquarie Bank Limited ABN 46 008 583 542. Macquarie
Bank Limited does not guarantee or otherwise provide assurance in respect of
the obligations of Macquarie Securities (USA) Inc.
SOURCE Macquarie Securities (USA) Inc.
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Related links:
http://www.macquarie.com
CONTACT:
Murray Bleach, Executive Director of
Macquarie Securities (USA) Inc., +1-212-548-6555,
murray.bleach@macquarie.com; Kristin Sadlon of Porter Novelli for
the Macquarie group, +1-212-601-8192,
kristin.sadlon@porternovelli.com
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