June 2010
Halcrow has been appointed senior lenders’ technical advisor for Birmingham Highways Maintenance and Management Service private finance initiative project.
The commission, which involves improving and maintaining Birmingham Highways infrastructure for the next 25 years, was awarded by Birmingham City Council to Amey earlier this year. Halcrow, as technical adviser to the project’s senior lenders was instrumental in the procurement process – culminating in the issue of a lenders technical adviser due diligence report and financial close in May 2010.
Halcrow will continue to support the project’s lenders during a five-year core investment period which includes the rehabilitation of the highway network.
Halcrow’s project director Andy Cole said, “This project has been challenging but ultimately rewarding for all parties involved and we are looking forward to our monitoring role and witnessing future highway improvements in the city. We're confident that Halcrow and the project partners are well placed to meet the challenges ahead”.
Running until 2015, the company’s responsibilities will involve monitoring contract performance and progress to meet six monthly milestone targets, general appropriateness of recommended technical solutions, and certifying monthly payment certificates.
Halcrow will represent the interests of the mandated senior lenders at financial close: Lloyds Banking Group, Dexia, Bank of Ireland, Natixis, Nationwide and NIBC Bank NV.