TORONTO, March 16, 2007 — Through experience, innovation and a connected team approach, PricewaterhouseCoopers (PwC) developed an original financing structure for the Golden Crossing Group (GCG), the consortium led by Bilfinger Berger BOT, for the design, construction, operation and financing of a new bridge across the Fraser River. In recognition of the novel financing package arranged by PwC, the Golden Ears Bridge public-private partnership (PPP) has recently won four awards from around the globe. They include:
- 2006 Deal of the Year, Infrastructure Journal
- 2006 North American PPP Deal of the Year, Project Finance Magazine
- 2006 North American PPP Deal of the Year, Project Finance International
- 2006 Gold Award for Project Financing, Canadian Council for Public-Private Partnerships
With a PwC team led by Shariq Alvi and John Casola, the firm successfully advised the consortium on its bid for the project which reached financial close in February 2005. PwC structured and raised over $1 billion in financing for the project including monoline wrapped senior bank debt and mezzanine facilities provided by European banks and a CPI swap. The deal represents the largest financing to date for a PPP transaction in Canada.
The project involves the design, construction, operation and financing of a new six lane bridge across the Fraser River and access roadways as part of a 35.5 year concession. When completed in 2009, it will form a vital link to the Trans Canada highway from the Greater Vancouver area.
PwC’s PPP experience lies in its Infrastructure, Government and Utilities (IG&U) practice. The practice provides a range of financial and procurement advisory services to a number of infrastructure and service industries including transportation (roads, bridges, rail, airports, ports, ferries, etc), healthcare, energy, water, and government services. Globally, there are over 400 professionals in the IG&U practice spread over 38 countries. PwC Canada has over 27 dedicated PPP professionals located in Vancouver, Toronto and Montreal.
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