Shearman & Sterling has been awarded two 2022 Deal of the Year Awards by Proximo at their Financing America's Infrastructure 2023 ceremony for our work on two separate landmark infrastructure projects.
The financing of the Capital Beltway Express Lanes Projects has been named Proximo's North America Public-Private Partnership (PPP) Deal of the Year. Our team, led by Project Development & Finance partner, Paul Epstein, advised the U.S. Department of Transportation on $1.05 billion in commitments for the development of the I-495 Express Lanes Northern Extension Project (Project NEXT) in Northern Virginia and the refinancing of the existing loan for the Capital Beltway Express Lanes. Total project costs are approximately $2 billion.
The Everstream Fiber Network refinancing was also named Proximo's North America Digital Infrastructure Deal of the Year for its efforts to secure more than $1 billion in financing for the Everstream Fiber Network. The transaction successfully refinanced existing credit facilities while raising additional capital to continue funding the network's growth across metro and rural areas in 10 Midwest and Mid-Atlantic states. The Shearman team included Project Development & Finance associates Yi Zhou and Kaja Niewiarowska.
The Proximo Deals of the Year Awards recognize outstanding transactions in project, energy and infrastructure finance. Proximo is a B2B market intelligence provider in the project, energy and infrastructure finance sectors.