Chadbourne & Parke LLP advised Globalvia on its recent purchase and related financing of the concession for the Pocahontas Parkway toll road in Virginia, a deal valued at more than US$600 million. The project financing includes debt provided by Allianz and an equity contribution from Globalvia.
The Pocahontas Parkway toll road P3 is Globalvia’s first concession in the US market. In addition to the United States, the company currently manages highways, railways and other infrastructure in Spain, Portugal, Ireland, Andorra, Mexico, Costa Rica and Chile. Unlike traditional US toll roads, the Pocahontas Parkway is managed through a public-private partnership, or P3, pursuant to which the concessionaire has assumed the risks and responsibilities for the road’s continued development, financing and long-term operations and maintenance during the term of the concession.
“The Pocahontas Parkway deal demonstrates that the private sector, including worldwide leaders like Globalvia, are looking for opportunities to make long-term investments in US infrastructure” said Chadbourne & Parke partner Douglas Fried. “As state and local governments think about the critical infrastructure investments that have to made they will find a valuable partner in companies like Globalvia.”
The Chadbourne & Parke team was led by partner Douglas Fried and also included counsel Jake Falk and associates Patrick Narvaez, Mangesh Dhume and Severine Losembe. Additional attorneys assisting with the transaction included Kevin Smith, Richard Leder, Sue Cowell, Sey-Hyo Lee, Vincent Dunn, Christy Rivera, Monika Szymanski, Amy D’Agostino, Beth Kramer, Ken Johnson, Marjorie Glover, Adrienne Sebring and Margaret Weil.
About Chadbourne & Parke
For more than a century, Chadbourne has counseled innovators around the world. We are a full-service law firm that leverages the extraordinary talent from our network of international offices to offer the highest caliber client service in more than 80 countries and across every region on the globe. Today, we are recognized internationally for our groundbreaking work in emerging economies and our deep experience in pharmaceutical collaboration transactions, energy and infrastructure, corporate and finance transactions, international disputes, and bankruptcy and financial restructuring.