Fluor Announces Financial Close on A27/A1 Motorway Project in the Netherlands
IRVING, Texas and AMSTERDAM – Fluor Corporation (NYSE: FLR) announced today that the 3Angle B.V. special purpose company, comprised of Fluor, 3i Infrastructure and Heijmans Capital, reached financial close with the Dutch government for the A27/A1 public private partnership (PPP) project in the Netherlands. The project is valued at more than $246 million, which includes a 25-year management and maintenance period. Fluor will book its portion of the award in the fourth quarter of 2016.
3Angle is responsible for the financing, design, construction, management and maintenance of the reconstruction of the A27 motorway between Utrecht North and the Eemnes Junction, as well as the A1 motorway between the Eemnes Junction and the Bunschoten-Spakenburg interchange. Fluor and Heijmans will provide engineering, procurement, construction (EPCM) services and operations and maintenance during the operational phase with equal shares.
“Fluor and our partners are pleased to have achieved financial close on this important upgrade project,” said Hans Dekker, president of Fluor’s Infrastructure business. “We look forward to using our PPP infrastructure and design build expertise to successfully deliver this project with cost and schedule certainty.”
The financing consists in part of loan capital and in part equity. The loan was made available by DZ Bank AG; ING Belgium SA/NV; KBC Bank NV; Nederlandse Waterschapsbank N.V. and Sumitomo Mitsui Banking Corporation. KBC Bank also serves as the agent for the financiers. The three 3Angle shareholders provided equal shares of the equity.
The Directorate-General for Public Works and Water Management of the Netherlands [Rijkswaterstaat] is undertaking the project to improve safety and traffic flow on the A27 and A1 motorways while respecting the surrounding natural environment. The project includes widening the A27 motorway to two three-lane traffic lanes; widening the A1 motorway to two four-lanes and increasing capacity at the A27/A1 connecting curve within the Eemnes Junction. Construction is due to be completed by the end of 2018 when the 25-year maintenance period will commence.
About Fluor Corporation
Fluor Corporation (NYSE: FLR) is a global engineering, procurement, fabrication, construction and maintenance company that designs, builds and maintains capital-efficient facilities for its clients on six continents. For more than a century, Fluor has served our clients by delivering innovative and integrated solutions across the globe. With headquarters in Irving, Texas, Fluor ranks 155 on the FORTUNE 500 list with revenue of $18.1 billion in 2015 and has more than 60,000 employees worldwide. For more information, please visit www.fluor.com or follow us on Twitter @FluorCorp.
Heijmans is a listed company that combines activities related to property development, residential building, non-residential building, roads and civil engineering in the areas of living, working and connecting. Heijmans is active in the Netherlands, Belgium and Germany and as a technology partner delivers know-how and concepts in various markets. Our constant focus on quality improvements, innovation and integrated solutions enables us to generate added value for our clients. Heijmans realises projects for private consumers, companies and public sector bodies. With almost 6,500 employees and close to €950 million in revenues in the first half of 2016, we are building the spatial contours of tomorrow. You will find additional information on www.heijmans.nl
About 3i Infrastructure
3i Infrastructure is a Jersey-incorporated, closed-ended investment company, listed on the London Stock Exchange and regulated by the Jersey Financial Services Commission. The Company is a long-term investor in infrastructure businesses and assets. The Company’s market focus is on economic infrastructure and greenfield projects in developed economies, principally in Europe, investing in operating businesses and projects which generate long-term yield and capital growth. 3i Investments plc, a wholly-owned subsidiary of 3i Group plc, is authorised and regulated in the UK by the Financial Conduct Authority and acts as Investment Adviser to 3i Infrastructure plc.