Meridiam Infrastructure (“Meridiam”) is pleased to announce that a Meridiam-led consortium has achieved financial close on the Long Beach Courthouse project in Los Angeles, California. The investment represents the first availability-pay, social PPP project to reach financial completion in the US which has a total capital value of $495 million.

The Administrative Office of the Courts (AOC) and Long Beach Judicial Partners LLC (LBJP), 100% owned by Meridiam, have signed a 35 year service agreement for LBJP and its partners to design, build, finance, operate and maintain the new court building which replaces the current Long Beach courthouse competed in 1959.

The project includes delivery of a new Court Building comprising 31 courtrooms, with accompanying holding cells and administrative office space. It also includes renovation and operation of a car parking facility and the provision and management of commercial office space and retail space within the Court Building.

Revenues comprise milestone payments, which are paid during the construction phase, and availability payments, which will commence when substantial completion is achieved and are subject only to deductions for underperformance and availability. Construction of the building has been sub-contracted to Clark Construction under a fixedprice date-certain contract and Operations and maintenance has been subcontracted to Johnson Controls.

The project is the third project reaching financial close in 2010 for Meridiam Infrastructure in North America, alongside the IH 635 Managed Lanes project in Texas and CRCHUM hospital and research center in Montreal, Canada.