|
contents | business | |||||||||
| Italy's Astaldi said to close USD 2.3 billion loan to construct the Third Bosphorus Bridge Following the satisfaction of conditions precedent including the signing of arrangements provided for in the loan agreement involving the SPV, banks, granting authority and the Turkish Treasury Department, financial close was achieved of the non-recourse, USD 2.3 billion loan, organised by a pool of Turkish banks, for the construction and subsequent management of the Third Bosphorus Bridge in Turkey. Financial close allowed for the disbursement of a first loan tranche to be used to support construction activities of the bridge, for which 25% of works have been completed to date. The overall value of the investment amounts to approximately USD 2.9 billion (Astaldi has a 33% stake and IC Ictas a 67% one), funded on a project finance basis with an 80/20 debt/equity ratio. The concession duration is for a period of more than 10 years, 30 months of which for construction activities and the remaining period for management activities. The project will be performed using the BOT formula (Build, Operate, Transfer) and involves the construction of a 1.4 kilometre long-span bridge to be used by road vehicles and trains to cross the Bosphorus Strait from Poyrazköy in Asia to Garipçe in Europe, as well as the construction of a section of the North Marmara Highway along the Odayeri-Pasaköy route. The bridge will be the widest in the world, measuring 60 metres in width and housing 8 motorway lanes (4 in each direction), divided by two high-speed rail corridors. It will also be the longest suspension bridge and will achieve another first for its A-shaped pylons standing more than 320 metres-tall. Commissioned by the Turkish Ministry of Transport, the works will be performed by a joint venture involving Astaldi and the Turkish company, IC Ictas, which is already working as Astaldi's partner on projects currently in progress in St. Petersburg, Russia (Pulkovo International Airport and Western High Speed Diameter). write your comments about the article :: © 2014 Construction News :: home page |