The New Tyne Crossing Project reached financial close on Friday 23rd November 2007.
The TT2 consortium will design, build, finance and operate a second vehicle tunnel linking the A19 under the River Tyne between East Howdon in the north and Jarrow in the south. The project’s concession period is 30 years, which includes the operation of the existing vehicle, pedestrian and cycle tunnels.
The TT2 consortium is a joint venture between HSBC Infrastructure Fund, Uberior (HBoS) and Bouygues. Capital expenditure for the project is £250 million, with HSBC, HBoS and Natixis acting as lead arrangers of the senior debt.
Construction is expected to commence shortly and be completed before the end of 2011.
Operis was engaged to audit the financial model on behalf of the senior lenders and the shareholders.
