Ambassador Bridge brings $175 million project financing to private placement market via Citigroup

By Paul A. Harris

St. Louis, Aug. 18 - The Detroit International Bridge Co., owner of the Ambassador Bridge, is bringing $175 million of project financing to the private placement market, a market source said on Tuesday.

Citigroup is placement agent for the two-part deal, which includes five-year secured notes with a 2.8-year average life and seven-year secured notes with a 6.5-year average life.

Proceeds will be used to improve the U.S.-side approaches to the bridge, which links Detroit with Windsor, Ont.

The National Association of Insurance Commissioners views the issuing entity as an NAIC-1 issuer.

The notes will be secured with pledges of revenue and land assets.

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