News & Events

Simpson Thacher represented a club of 12 banks, including Banco Santander, Calyon, Societe Generale, Dexia (which will serve as Administrative Agent) and WestLB, providing $781 million of senior loans to finance the I-595 Corridor Roadway Improvements Project in Broward County, Florida. The project consists principally of adding reversible variable toll lanes to the expressway connecting I-75 and I-95. Spanish infrastructure developer Actividades de Construcción y Servicios, S.A. (ACS Dragados) was awarded a 35-year, $1.8 billion concession to improve and operate the project. The project will benefit from a $608 million subordinated loan from the United States Department of Transportation. This is the first availability payment-based public-private partnership (PPP) financing to close in the United States, and the first PPP transaction to close in Florida. The local CBS affiliate estimates the project will create 30,000 support jobs and 8,000 construction jobs and inject $1,000,000 per day into the local economy.

The Firm's team on this transaction included George Miller, Rafael Berckholtz and Michael Josenhans (Credit), Adeeb Fadil (Environmental), Jason Vollbracht (Tax), Jeanne Annarumma (Executive Compensation & Employee Benefits) and Mindy Lok (IP). Paralegals Dennis Corkery, Elizabeth Martinez, Mark Rapisarda and Aimee Sorbo also provided invaluable assistance.