What performance bonds, parent company guarantees or other security has the Northway consortium provided for Warkworth to Te Hana, if any, and what is the value of each?

Answer

I am advised that NZTA has the benefit of a guarantee from an Acciona group company in respect of the construction and maintenance and operations sub-contractors. The consortium members have also obtained various bonds or bank guarantees backing their obligations. These are not issued in favour of NZTA. The credit support structure (guarantees and bonding) is consistent with typical PPP practice.