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Dec 21, 2017
Project

Meridiam Announces Financial Close on Colorado Central 70 Project

Meridiam announced today that its team, Kiewit Meridiam Partners, LLC comprised of Meridiam and Kiewit Development Co., has been selected to design, build, finance, operate and maintain the Central 70 project for the Colorado Bridge Enterprise and High Performance Transportation Enterprise, collectively government-owned businesses within the Colorado Department of Transportation (CDOT).

Meridiam is a 60% equity provider, with Kiewit Development Company providing the other 40% of the equity and Kiewit Infrastructure Co. serving as the design build contactor.

Located in the Denver metropolitan region, the project includes 10 miles of reconstruction of the I-70 corridor through the City and County of Denver. The financing includes a $416 million TIFIA loan from the United States Department of Transportation and $116 million of Private Activity Bonds underwritten by RBC Capital Markets, Barclays and SMBC. Supported by contracts backed by the investment grade credit ratings of CDOT, the bonds were sold at a competitively low interest rate that generated savings for CDOT.

The Kiewit Meridiam Partners' work on behalf of the Central 70 Project is designed to relieve congestion, improve safety and provide more predictable travel times along the I-70 East corridor. The $1.2 billion Central 70 Project will extend along I-70 from I-25 in the west to Chambers Road in the east. Once completed, the project will provide upgrades to one of Colorado’s most highly congested corridors and a critical connector between Denver International Airport and downtown Denver. The Project’s major elements include:

  • Reconstruction of a 10 mile stretch of I-70;
  • One express lane in each direction with electronic toll collection system;
  • Removal of a 50-year old aging viaduct; and
  • Placement of a 4 acre cover over a lowered section of the roadway.