Case studies of 2 tunnels hk australia
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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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Case studies of 2 tunnels hk australia

Case studies of 2 tunnels: HK & Australia


Outline

Outline

  • Tate’s Cairn Tunnel, HK

  • Lane Cove Tunnel, Sydney

  • Concession

  • Source of Funds

  • Debt funding


Tate s cairn tunnel

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


Lane cove tunnel

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


Concession

Concession


Source of funds

Source of Funds


Project structure stakeholders

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


Lane cove transaction structure

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


Debt funding

Debt funding


Debt funding1

Debt funding


Debt funding2

Debt funding


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