Iridium, through its subsidiary ACS Infrastructure, has placed €741 million (US$811 million) in senior notes to refinance the senior debt of the I-595 Express Corridor Improvements Project in Miami, Florida (USA).
According to sources, the refinancing included a total of 14 investors. The new financial structure will be used to pay back a bank loan and a TIFIA loan originally used to finance the project.
The I-595 Corridor Roadway Improvements project involved the reconstruction and widening of the I-595 mainline and all associated improvements to frontage roads and ramps from the I-75/Sawgrass Expressway interchange to the I-595/I-95 interchange, for a total project length of approximately 10.5 miles.
FDOT signed a PPP agreement with I-595 Express LLC 0n March 3rd, 2009. I-595 Express LLC, which was owned by ACS Infrastructure, to serve as the concessionaire to design, build, finance, operate and maintain (DBFOM) the project for a long-term commitment of 35 years. The TIFIA loan agreement was executed on March 2, 2009 and financial close reached on March 3, 2009.
The project was split into five construction segments. Roadway construction began in Segment C in February 2010 in the vicinity of Pine Island Road. Construction in Segment D started in June 2010. Segments A and B officially got underway in November 2010 and the final segment of the project, Segment E on Florida's Turnpike, started in March 2011.
Finally, on March 26th 2014, Florida Department of Transportation (FDOT) announced the opening of the US$1.2 billion road PPP project.
On 19 October 2011, ACS sold 50% of its stake in the company that manages the I-595 highway to Teachers Insurance and Annuity Association of America. The deal valued the company at US$588.36 million.