Shearman & Sterling advised the US Department of Transportation in the deal.
US Department of Transportation (USDOT) closed the $1.76 billion loan for the Purple Line Light Rail Transit Project in Maryland (the Project). This Project is currently under construction and involves a 16.2-mile, 21 station transit line that will connect multiple branches of the Washington, DC Metrorail, all three MARC commuter rail lines, Amtrak’s Northeast Corridor rail service and the completion of the Capital Crescent Trail supporting bicyclists and pedestrians. Total project costs are expected to be approximately $5.9 billion.
The Project is currently structured as a Public Private Partnership (P3) and also includes $643 million green bonds issued by the Maryland Economic Development Corporation. Once completed, the Purple Line is expected to provide faster, more direct and more reliable transit service for the suburban Maryland and DC region’s residents and visitors while easing congestion on local roads. It will also result in environmental benefits through its use of electric power. Shearman & Sterling previously represented USDOT on the original financing for the Project that included an $875 million TIFIA secured loan, which was refinanced by the current loan.
The Shearman & Sterling team included partner Paul Epstein (Picture) and associate Hyunsok Lee.
Law Firms: Shearman & Sterling;
Clients: U.S. Department of Transportation;