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Case studies of 2 tunnels: HK & Australia

Case studies of 2 tunnels: HK & Australia. Outline. Tate’s Cairn Tunnel, HK Lane Cove Tunnel, Sydney Concession Source of Funds Debt funding. Tate’s Cairn Tunnel. twin 2-lane tunnel, 4km in length construction commenced July 1988 and opened to traffic in July 1991

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Case studies of 2 tunnels: HK & Australia

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  1. Case studies of 2 tunnels: HK & Australia

  2. Outline • Tate’s Cairn Tunnel, HK • Lane Cove Tunnel, Sydney • Concession • Source of Funds • Debt funding

  3. Tate’s Cairn Tunnel • twin 2-lane tunnel, 4km in length • construction commenced July 1988 and opened to traffic in July 1991 • construction completed 2 months ahead of schedule and within budget • total project cost HKD$2.15 billion • funding: Equity HKD$600 million and Debt HKD$1.55 billion • tunnel to be handed over to HK Government in 2018 • competition from government-run Lion Rock Tunnel

  4. Lane Cove Tunnel • Twin 2-lane tunnel connecting the existing M2 Motorway and the Gore Hill Freeway, 3.4km in length • Final link in Sydney’s Orbital Motorway System and is the 7th privately owned toll road to be commissioned in Sydney in recent years • Total project cost: approx AUD$1.75 billion • Funding: Equity AUD$550 million and Debt AUD$1.2 billion • Construction commenced in December 2003 and the anticipated construction period is 41 months

  5. Concession

  6. Source of Funds

  7. Project Structure & stakeholders Government Direct Agreement Project Agreement Finance Documents Banks/ Capital markets Project Company EquityInvestors Operation and Maintenance Agreement Construction Contract Insurer Construction Contractor Operator

  8. Equity Equity Equity Investors Equity Investors Contribution Contribution Agreement Agreement Notes Notes Units Units Shares Shares Security Trustee Security Trustee Security Security Security Trustee Security Trustee LCT Holding LCT Holding LCT Holding LCT Holding LCT Holding LCT Holding LCT Holding LCT Holding Trust Trust Company Company Trust Trust Company Company ABN AMRO ABN AMRO ABN AMRO ABN AMRO Shares Shares Units Units Shares Shares ISDA ISDA Guarantee Guarantee Sublease Sublease Reimbursement Reimbursement LCT LCT MBIA MBIA $ Toll $ Toll Agreement Agreement MBIA MBIA LCT LCT LCT Finance LCT Finance LCT Trust LCT Trust Road Users Road Users Road Users Road Users LCT Finance LCT Finance LCT Trust LCT Trust Company Company Loan Loan Company Company $ Rent $ Rent Bonds Bonds Guarantee Guarantee Guarantee Project Deed Project Deed Agreement to Agreement to Bondholders Bondholders Bondholders Bondholders Lease & Lease Lease & Lease O&M O&M Subscription Subscription D&C D&C Agreement Agreement Thiess John Thiess John Transfield Transfield Side Side Side Side Bond Underwriter Bond Underwriter Thiess John Thiess John Transfield Transfield Bond Underwriter Bond Underwriter RTA RTA RTA RTA Deed Deed Deed Deed Holland Holland Services Services Holland Holland Services Services Co Co - - operation Deed operation Deed Lane Cove – transaction structure

  9. Debt funding

  10. Debt funding

  11. Debt funding

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