PURPLE LINE REACHES NEW FINANCIAL CLOSE
April 20, 2022
(Roslyn Heights, NY) – Purple Line Transit Partners (PLTP), a portfolio company of Star America, in close coordination with the Maryland Department of Transportation Maryland Transit Administration (MDOT MTA), reached a new financial close to fund the remainder of construction as well as future operations and maintenance of the Purple Line project, which is being delivered under a long-term public-private partnership for the design, finance, operations and maintenance of a 16.2-mile and 21-station light rail line. After the selection of a new design-build joint venture of Dragados and OHL in fall 2021, the financial close represents another major milestone for the project. The new financing package includes a new $1.76bn Transportation Infrastructure Finance and Innovation Act (TIFIA) loan from the U.S. Department of Transportation to PLTP, $643 million in Private Activity Bonds and $293 million in total PLTP shareholders’ equity.
“We would like to congratulate all our partners on securing new financing to finish the construction for the project. It is a testament to the incredible dedication and collaborative spirit of the Purple Line team and our shared vision and goal to transform transportation in Prince George’s and Montgomery counties. We look forward to continuing this partnership with the state and our new design-build contractor.” said Mark Melson, Chief Investment Officer of Star America.
The Purple Line will provide rapid, convenient transit service between New Carrollton in Prince George’s County and Bethesda in Montgomery County. The east-west line will connect with five branches of Metrorail, three MARC commuter rail lines, Amtrak and a host of bus services. As it supports community revitalization and transit-oriented development, the Purple Line also will help reduce dependence on automobile travel.
FOR INQUIRIES:
Christophe Petit, President
Star America Infrastructure Partners, LLC
Tel: +1 516 882 4100
cpetit@starinfrapartners.com
ABOUT STAR AMERICA
Star America, a subsidiary of Tikehau Capital, a global alternative asset management group with €34.3 billion of assets under management and shareholders’ equity of €3.0 billion (as of December 31, 2021), is a U.S. headquartered developer and manager of infrastructure assets in North America. With an investor base that includes large institutional investors such as insurance companies and pension funds, among others, Star America focuses on delivering infrastructure projects primarily across the transportation, social, environmental and telecommunications sectors. Star America has approximately $850 million of assets under management as of year end 2021, and Star America’s track record includes investments in 16 infrastructure assets, which have a total project cost valued at greater than $5 billion. Star America’s mission is to become the preferred partner in rebuilding America’s infrastructure.
Disclaimer
This document is not an offer of securities for sale or investment advisory services. This document contains general information only and is not intended to represent general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed.
Certain statements and forecasted data are based on current expectations, current market and economic conditions, estimates, projections, opinions and beliefs of Tikehau Capital and/or its affiliates. Due to various risks and uncertainties, actual results may differ materially from those reflected or contemplated in such forward-looking statements or in any of the case studies or forecasts. All references to Tikehau Capital’s advisory activities in the US or with respect to US persons relates to Tikehau Capital North America.
