Massachusetts Public- Private Partnership Oversight Commission

Transcription

1 July 25, 2014 Massachusetts Public- Private Partnership Oversight Commission PROJECT SPAN: Third Crossing of the Cape Cod Canal P3 Process Update

2 Today s Agenda Sector overview SPAN progress to date Next steps 1

3 Recent Activity in the U.S. Toll Bridge/Tunnel Sector Midtown Tunnel P3 $2.1 billion Toll Revenue TIFIA/PABs March 2012 Goethals Bridge Replacement P3 $1.5 billion Availability/Milestone Payments TIFIA/PABs November 2013 East End Crossing P3 $763 million Availability/Milestone Payments PABs March 2013 Mid-Currituck Bridge P3 $549 million (est.) Toll Revenue/NCDOT Support Funding Structure TBD On Hold for NCDOT Prioritization Port of Miami Tunnel P3 $860 million Availability/Milestone Payments TIFIA/Bank Debt October

4 Progress to Date Financial advisors hired Kickoff meeting including MassDOT Planning, Environmental, Highways and consultants Preliminary traffic and revenue analysis Meeting with FHWA Meeting with MEPA RFP process for legal counsel under way 3

5 Coordinated, Parallel Focus of Efforts Planning & Environmental Evaluation of possible bridge locations Considering Sagamore Twin and Mid-Canal alternatives Investigating possible changes to traffic routing Framing the environmental review process Preparing for community outreach Traffic & Revenue Identification of possible toll structures and resulting traffic patterns and volumes Analysis of revenue drivers in support of financial modeling Financial & Process Preparing financial model based on input from other groups Evaluating next steps including potential investor outreach 4

6 Next Steps Joint meeting with FHWA and Army Corps of Engineers Formal investor outreach anticipating RFI and Industry Day Ongoing efforts in each of the three focus areas 5

7 Investor Outreach RFI and Investor Day Input on: Overall interest in the Project Preferences for financial structure Infrastructure Funds / Operators Construction Companies Preferred timing of key elements of the procurement process Other issues and concerns Engineering Firms Lenders 6

8 Notice and Disclaimer William Blair & Company 222 West Adams Chicago, IL High Street Boston, MA Contact Information: Mark Morehouse Managing Director Phone: (312) Thomas E. Lanctot Managing Director Phone: (312) Jonathan Skinner Managing Director Phone: (617) Nathan M. Flynn Managing Director Phone: (312) This presentation is delivered to you for the purpose of working with you as financial advisor and we wish to define the nature of our relationship. We are providing the information contained in this presentation for discussion purposes in anticipation of serving as a financial advisor to you and understand that you cannot make a commitment at this time. In our capacity as financial advisor, we will be acting as a principal in a commercial, arms length transaction and not as a municipal advisor, financial advisor or fiduciary to you regardless of whether we or an affiliate has or is currently acting as such on a separate transaction. The information we provide to you is not intended to be and should not be construed as advice within the meaning of Section 15B of the Securities Exchange Act of 1934 and we encourage you to consult with your own legal, accounting, tax, financial and other advisors, as applicable, to the extent you deem appropriate. The accompanying information was obtained from sources which William Blair & Company, L.L.C. believes to be reliable but does not guarantee its accuracy and completeness. The material has been prepared solely for informational purposes and is not a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. Historical data is not an indication of future results. The opinions expressed are our own unless otherwise stated. Additional information is available upon request. Please contact us for further information. 7