CAPE CHARLES, VA – The Chesapeake Bay Bridge-Tunnel Commission has selected Bank of America Merrill Lynch (BofAML) to serve as the Senior Manager of the underwriting syndicate for the financing of the Parallel Thimble Shoal Tunnel Project (“Project”). With the nation’s largest group of dedicated transportation bankers, BofAML has established clear leadership in the toll road financing sector and the overall transportation finance market.
Through a competitive proposal process, BofAML was chosen to support the District and its financial advisor by providing the full spectrum of investment banking services including underwriting, marketing, sales, trading and credit analysis to ensure the District achieves the absolute lowest cost of funds. Serving as Co-Managers in the underwriting syndicates are Citigroup Global Markets, Inc., Raymond James & Associates, Inc., BB&T Capital Markets, Wells Fargo Securities, and Rockfleet Financial Services, Inc.
The Project will add an additional two-lane tunnel under the Thimble Shoal Channel to expand the capacity and improve the safety for travelers who utilize the CBBT and to protect the economic competitiveness and livability of the region through enhanced resiliency as the CBBT serves as the sole connection between the Delmarva Peninsula and the Hampton Roads area.
In addition to the selection of Investment Bankers, the CBBT’s Project team has completed a Draft Environmental Assessment and a Draft Traffic & Revenue Study. A Request for Qualifications (RFQ) was just released on May 12, 2015 to identify interested Design-Build Contractors. A draft RFP for a Design-Build Contractor is expected in August 2015 with final award scheduled for May 2016. More information about the Project is available on the Project webpage by clicking here.