News

Financial close for C$1.1bn Golden Ears Bridge Project

Operis provided model audit and other financial due diligence services to Bilfinger Berger BOT, Depfa, Dexia for the project financing of the Golden Ears Bridge, a 1km six lane toll bridge across the Fraser river, designed to improve the movement of people and goods in the Greater Vancouver Region.

Bilfinger Berger BOT are the project sponsors are investing the sub debt and equity.  They are jointly constructing it with CH2M Hill. Capilano Highway Services Company are responsible for the operating maintenance and renewals.  Senior debt is provided 50-50 by Depfa and Dexia, with Dexia also providing 100% of the mezzanine debt.  Ambac and XL Capital wrapped the bank debt in this innovative financing.

The Golden Ears Bridge project, valued at C$1.1bn, involves the DBFO of a new bridge between Surrey and Langley on the south side of the Fraser River and Maple Ridge and Pitt Meadows on the north side. It consists of construction over 3 1/2 year period and ongoing operation for 32 years.

The project is being procured by Translink - Greater Vancouver Transportation Authority (GVTA) who will set the tolls and will retain control of the toll rates throughout the life of the project.  Translink was advised by KPMG, and the Golden Crossing Group consortium was advised by PwC.

14 March, 2006