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BNP Paribas acts as lead arranger and bank agent for California Infrastructure and Economic Development bank's bay area toll bridges seismic retrofit commercial paper program

San Francisco, CA ... BNP Paribas announced today that it acted as the Lead Arranger and Bank Agent of a 3-bank syndicate providing credit enhancement and liquidity support through the California Infrastructure and Economic Development Bank (I-Bank) for the California Department of Transportation's (“Caltrans”) $400,000,000 Bay Area Toll Bridges Seismic Retrofit Commercial Paper Program (“CP Program”).

The CP Program represents the second series of Bay Area Toll Bridges Seismic Retrofit financing; the first $1.16 billion fixed-rate series first lien bonds were sold in August 2003. The Debt is secured by Seismic Retrofit Surcharge revenues from the state-owned toll bridges in the Bay Area. Kelly Fowler, Managing Director and Head of Public Finance at BNP Paribas said, "This is another significant transaction for us. It clearly shows that our clients recognize the Bank's expertise and execution strength which allowed us to arrange and negotiate documentation with a 3-bank syndicate."

BNP Paribas has been active in the U.S. Municipal Bond Market for over 10 years. BNP Paribas offers U.S. municipalities a variety of tax-exempt credit and capital market products including credit enhancement and liquidity support, tax-exempt derivatives, and municipal depository and cash management services (through BNP Paribas' wholly owned subsidiary Bank of the West). BNP Paribas also runs and manages a Tender Option Bond Program.

About BNP Paribas
BNP Paribas ( is a European leader in banking and financial services, with a significant and growing presence in the United Sates and leading positions in Asia. The most profitable bank in the Euro zone, it has a presence in 85 countries with 89,400 employees. The group enjoys key positions in Corporate and Investment Banking, Private Banking & Asset Management, Insurance, Securities Services and Retail Banking.

BNP Paribas provides a full array of financial products through a portfolio of brands that cover a variety of distribution channels. With offices in New York, BNP Paribas in North America offers a broad range of corporate, investment banking and securities brokerage activities. With locations in all the major corporate and financial centers across the United States and Canada, BNP Paribas in North America serves a world-class client base of multinational corporate and mid-cap companies, major issuers and institutional buyers. As a registered NASD broker-dealer and member of SIPC, BNP Paribas Securities Corp. trades and markets a vast array of global and domestic fixed income and equity products.