Disraeli Bridges project in Winnipeg reaches financial close

On March 31, 2010, the Disraeli Bridges project reached financial close and Plenary Roads Winnipeg began design and construction of the project. The Plenary Roads Winnipeg team comprises Plenary Group (Canada), PCL Constructors Canada, Wardrop Engineering and Stantec Consulting. The Disraeli Bridges Project follows the 'design-build-finance-maintain' (DBFM) model of procurement. Under this model, the private-sector partner is responsible for all financing, design, construction and maintenance costs during the term of the contract, which in the case of the Disraeli Bridges Project is 30 years. The city will make a commissioning payment and then annual performance-based service payments during the 30 year contract. A total of US$189.5 million has been allocated from city capital budgets for the project. The lending group to Plenary Roads Winnipeg included Societe Generale, The Toronto Dominion Bank and BCE Master Trust Fund as short term lenders and Canada Life, Sun Life and BCE Master Trust Fund as long term bond purchasers. The short and long term lenders (both banks and bond purchasers) were advised by Fasken Martineau with a team that was led by Brian Kelsall and Ella Plotkin and included Marc Lefler (project finance), John Sabetti and Dan Fuke (securities), Jon Holmstrom and Aaron Stefan (hedging) and Sean Morley (due diligence).