Pennsylvania RBR Project reaches financial close

2 minute read
01 March 2015

On March 18, 2015, the Pennsylvania Rapid Bridge Replacement Project reached financial close. This US$899 million project is the state’s first public-private partnership and the first public-private partnership to bundle multiple bridges in a single procurement in the US.

Plenary Walsh Keystone Partners LLC will design, build, finance and maintain (“DBFM”) 558 structurally deficient bridges across the state. The project is 80% owned by Plenary Penn Bridges Ltd. which is ultimately owned by Plenary Group (Canada) Ltd. and 20% by WI Penn Bridges L.P., which is ultimately owned by members of the Walsh family.

The project is being financed through the sale of in excess of US$720 million in Tax-Exempt Private Activity Revenue Bonds and approximately US$71million in equity. Plenary Group will invest 80% of the equity required and Walsh Group will invest the remaining 20%.

The firm was BC counsel to Plenary with respect to the implementation of a series of corporate and partnership vehicles in connection with both its equity investment and the related bond offering with a team that included Peter Fairey and Matt Mitchell.

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