ACCIONA and its partners Plenary Americas and Sacyr, members of the Calcasieu Bridge Partners (CBP) consortium, have reached financial close to design, build, operate and maintain for 50 years the bridge over the Calcasieu River, as part of the I-10 interstate highway in Louisiana (US), which connects the towns of Lake Charles and Westlake over a nine-kilometer stretch. The financing amounted to an issuance of US$1.33 billion (€1.22 billion) of tax-exempt Private Activity Bonds (PABs).
The concession, with total capital expenditures of US$3.37 billion (€3.10 billion) and a construction budget of US$2.27 billion (€2.08 billion), includes the replacement of the existing bridge, which is more than 70 years old.
The project has both public and private funding sources. The State of Louisiana will contribute almost US$1.2 billion (€1.01 billion) during construction, which will be paid in line with certain construction milestones.
The long-term financing includes a US$1.33 billion (€1.22 billion) issue of tax-exempt Private Activity Bonds (PABs). This issue is divided into four different financing tranches with maturities between 2054 and 2066.
The issuers were J.P. Morgan Securities LLC, and Wells Fargo Bank, N.A. The remaining private capital will be injected at the end of the construction period and is backed by letters of credit provided by ACCIONA and its partners. The project has been assigned a Baa3 credit rating by Moody's with a stable outlook.
The Louisiana Department of Transportation and Development (DOTD) selected CBP (ACCIONA (with a 30% stake) in partnership with Plenary Americas (with 40%) and Sacyr (with 30%)) for this project’s concession contract. CBP will subcontract the design and construction scope for the project to a consortium formed by ACCIONA (with 50%) and Sacyr (with 50%). This scope will involve the reconstruction of six lanes of the interstate highway, several additional structures, the implementation of a free-flow toll system and the demolition of the existing bridge.