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Client Work

Pennsylvania Rapid Bridge replacement project reaches financial close for US$1.19 billion

Fasken
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Overview

Client

Plenary Walsh Keystone Partners

Our team successfully advised Plenary Walsh Keystone Partners, the preferred proponent for the design, build, finance and maintenance of the Pennsylvania Rapid Bridge Replacement Project, the largest public-private partnership project to date awarded by Pennsylvania Department of Transportation, with a project cost of $1.19 billion. The Project involves the replacement of 558 geographically disbursed, structurally deficient bridges across the Commonwealth of Pennsylvania over a three year period and maintaining the bridges for 25 years following construction. The Pennsylvania Department of Transportation and Plenary Walsh Keystone Partners reached commercial close on the project in January 2015. The financing for the project included US$721 million of Public Activity Bonds (PABs), which is the largest issuance of PABs in the U.S. market to date. Fasken Martineau was lead legal advisor to the consortium, Plenary Walsh Keystone Partners, with a team led by Brian Kelsall and including Ella Plotkin, Sean Stevens, Sean Morley, Marc Lefler, Kathleen Butterfield, Louise Kennedy and Nick Gefucia.

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