Orrick advised the Purple Line Transit Partners consortium as sponsors’ counsel on the financing of the Purple Line light rail transit, an 11 mile line in Maryland with 21 stations extending from Bethesda to New Carrollton. The transaction closed on June 20, 2016.
The Maryland Department of Transportation selected the consortium, consisting of Meridiam Infrastructure North America II, Fluor Enterprises, Inc. and Star America Infrastructure Fund, to design, build, finance, operate and maintain the Purple Line light rail project.
The $2 billion PPP project is the second ever transit PPP to reach financial close in the US and the first rail PPP for the state of Maryland. The financing includes an $874.6 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan from the United States Department of Transportation and $313 million from Private Activity Bonds.
The Orrick team was led by partner Dan Mathews and senior associates Irma Foley and Susan Long, and includes partner Keith Kriebel, of counsels Susan Gottlieb and Alex Selipanov, managing associate Michael Shiu and associate John Thomson.