Company News Summary
Transurban Group Announces Financial Close on 95 Express Lanes Project
Original announcement: Financial Close on the 95 Express Lanes Project
Transurban Group announced the financial close of the 95 Express Lanes. Key project details remain consistent with the in-principle agreement announced in December 2011: a 29-mile (46km), reversible two and three-lane Express Lanes facility; a 73-year operating concession from date of opening (2015); the $750m construction cost to be completed within two and a half years; all major project agreements (concession, construction and financing) have been executed; and the project to be completed through DRIVe, the group's and CP2's North American investment vehicle. DRIVe will take a 90% equity stake in the 95 Express Lanes project.
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