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| Vinci, Eiffage complete financing of Prado Sud tunnel concession Prado Sud, the concession-holder company owned by Vinci Concessions (58.5%), the lead contractor, and Eiffage (41.5%), has just completed, as part of a "club deal", the arrangements to finance the concession contract for the Prado Sud tunnel in Marseilles, for a total sum of €189 million, of which €152 million is senior debt with a maturity of 10 years. An equity contribution from the shareholders of the concession-holder company of €27 million and a subsidy of €10 million from the Marseilles Provence Métropole Urban Community will complete the financing of this project without recourse against the shareholders. The project calls for the financing, design, construction and operation, within the framework of an outsourcing-of-public- services agreement, of the Prado tunnel. The concession came into force on 14th March 2008 for a period of 46 years, which includes the period for the design and construction of the structure. The Prado Sud tunnel, some 1.5 km in length, will be an extension to the Prado Carénage tunnel and will link the A50 motorway to the Avenue du Prado II and the Boulevard Michelet. The tunnel is scheduled to come into service in spring 2013. The construction work, lasting five years, will be carried out by a consortium of companies consisting of Vinci Construction France (58.5%) and Eiffage Travaux Publics (41.5%), the lead contractor of the construction consortium. The operation of this toll tunnel will be confided to the Société Marseillaise du Tunnel Prado Carénage, of which Vinci and Eiffage are the majority shareholders. write your comments about the article :: © 2008 Construction News :: home page |