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New York PTC programme gets $967m FRA loan

07 May 2015

USA: A $967·1m Federal Railroad Administration loan to fund Positive Train Control installation on New York MTA’s Metro-North and Long Island Rail Road commuter networks reached financial close on May 6.

It is the largest loan to date under the  Railroad Rehabilitation & Improvement Financing programme.  MTA will issue a bond to FRA, which will be repaid over 22½ years at a fixed interest rate of 2·38%. MTA's Transportation Revenue Bonds are rated AA- by Standard & Poor's, A2 by Moody's and A by Fitch.

PTC installation on the sections of Metro-North in Connecticut will be funded by that state’s Department of Transportation.

 ‘PTC is the backbone of the next generation of rail safety and we are committed to its full deployment and implementation,’ said Acting Federal Railroad Administrator Sarah Feinberg. ‘There are 166 million rides taken on LIRR and Metro-North annually. Installing PTC will further ensure the safety of employees and passengers alike.’

In November 2013 MTA awarded a joint venture of Bombardier Transportation and Siemens Rail Automation a contract to design and supply PTC equipment for 940 route-km and 1 455 vehicles.

Consortium leader Bombardier will lead the system integration and project management, and supply the control centre subsystems. Siemens is responsible for onboard systems and modification of the existing signalling.

Installation will be undertaken by LIRR and Metro-North employees and third-party contractors.