Financial close for Transit Stations Bundle Rehabilitation PPP in New York

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ASTM North America-led consortium has reached financial close on a US$754.4 million project to upgrade Metropolitan Transportation Authority’s (MTA) subway station accessibility in New York.

JPMorgan Chase Bank purchased the short-term taxable bonds directly, while Citigroup and other banks acted as underwriters for the long-term revenue bonds. The additional underwriters were National Bank of Canada Financial, JP Morgan Securities, Loop Capital Markets, Siebert Williams Shank & Co, and Ramirez & Co. The issuer of the bonds is the New York Transportation Development Corporation, and the borrower is the consortium Elevated Accessibility Enhancements. The team includes equity partner ASTM and construction company Halmar International.

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