Ashurst has advised the sponsors, the Merseylink Consortium (comprised of Bilfinger Berger, Macquarie and FCC) in relation to the successful financial close of the £600 million (US$998m) Mersey Gateway Bridge Project awarded by Halton Borough Council ('HBC').

The project, which reached financial close last Friday and bond settlement today, 2 April, will deliver a new tolled bridge over the River Mersey in the north west of England and is unique as it features the first wrapped bonds under the UK Infrastructure Guarantee programme. In addition to the wrapped bonds, the complex financing structure included long term commercial bank financing, a construction working capital facility from Korea Finance Corporation and long term mezzanine finance provided by Macquarie.

The Merseylink solution also involves toll road operator Sanef providing toll collection services under a separate contract with HBC with Merseylink wrapping the delivery of the toll collection system.

Mark Elsey, global head of Energy, Resources and Infrastructure commented: "We are delighted to have supported our clients Merseylink in bringing the Mersey Gateway Bridge project to financial close and in assisting our clients to deliver a solution that achieved significant cost savings for the public sector.  The unique structure of the project and the complexity of the financing arrangements cements Ashurst's place at the head of the infrastructure market."

The Ashurst team, led by partners Mark Elsey, David Jardine and Derwin Jenkinson with support from partners Patrick Boyle, Nick Rainsford and Michael Smith and senior associates Nicholas Ross-McCall and Alex Biles, advised on all areas of the development, structuring and financing of this significant infrastructure project.