Fluor Announces Financial Close on Los Angeles International Airport Automated People Mover
June 11 2018 - 5:35PM
Business Wire
Fluor to design, build, finance, operate and
maintain new 2.25-mile airport connection
Fluor Corporation (NYSE: FLR) announced today that its joint
venture LAX Integrated Express Solutions (LINXS) team reached
financial close to design, build, finance, operate and maintain the
2.25-mile Los Angeles International Airport (LAX) Automated People
Mover project for the Los Angeles World Airports (LAWA). Fluor
plans to book its share of the design and construction contract
value in the second quarter of 2018.
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Los Angeles International Airport
Automated People Mover project is shown at dusk. (Photo: Business
Wire)
The LINXS team is comprised of Fluor, ACS Infrastructure
Development, Balfour Beatty, Bombardier Transportation, Dragados
USA, Flatiron and Hochtief PPP Solutions. Fluor is participating in
the entire 30-year life cycle of the project, which will be
delivered under a $4.9 billion
design-build-finance-operate-maintain contract.
The financing includes approximately $1.2 billion in Private
Activity Bonds, $263 million in bank debt, and equity from Fluor
and its partners. The contract includes milestone payments for
design and construction progress, availability payments for capital
repayment, and availability payments for operating and maintaining
the automated people mover.
“Fluor is pleased to have reached financial close more than a
month in advance of the deadline and is looking forward to
providing this innovative solution for LAWA by extending LAX’s
world-class facilities, reducing congestion and providing travel
options with time-certainty,” said Terence Easton, president of
Fluor’s infrastructure business. “Reaching this milestone in
partnership with LAWA will maximize our proven experience from past
P3 transit projects to successfully design, build, finance, operate
and maintain this megaproject.”
Fluor is the managing partner of the design-build joint venture
team, LINXS Constructors, comprised of Fluor, Balfour Beatty,
Dragados and Flatiron.
Design and construction is scheduled to begin later this year,
with passenger service slated for 2023. The project includes six
stations along a 2.25-mile guideway where driverless vehicles will
arrive to transport passengers every two minutes during peak
periods. This new line will offer ridership capacity of up to
10,000 passengers per hour. LAWA anticipates that it will carry 85
million passengers per year providing a modern, reliable solution
to help ease traffic congestion.
Following construction, LINXS Operators, comprising Fluor, ACS
Infrastructure Development, Bombardier and Hochtief, will provide
approximately 25 years of operations and maintenance services.
About Fluor Corporation
Founded in 1912, Fluor Corporation (NYSE: FLR) is a global
engineering, procurement, fabrication, construction and maintenance
company that transforms the world by building prosperity and
empowering progress. Fluor serves its clients by designing,
building and maintaining safe, well executed, capital-efficient
projects around the world. With headquarters in Irving, Texas,
Fluor ranks 153 on the Fortune 500 list with revenue of $19.5
billion in 2017 and has more than 56,000 employees worldwide. For
more information, please visit www.fluor.com or follow Fluor on
Facebook, Twitter, LinkedIn and YouTube.
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Fluor CorporationMedia RelationsBrian Mershon,
469-398-7621orBrett Turner, 864-281-6976orInvestor RelationsJason
Landkamer, 469-398-7222
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