Milton District Hospital Redevelopment Project reaches financial close for US$512 million

On March 27, 2015, Halton Healthcare Services Corporation and Infrastructure Ontario reached Financial Close with Plenary Health Milton LP (Project Co) to design, build, finance and maintain the Milton District Hospital Redevelopment Project (the Project) for a contract value of approximately $512 million. The project is scheduled for spring 2017 and once completed, the Project will add 330,000 square feet of space to the existing 125,000 square-foot hospital. Designed to address the needs of all users, including seniors, children, individuals with visual or cognitive impairments and those using wheelchairs and other mobility aids, the Project will focus on meeting the care needs of those living in Milton, Ontario, the fastest-growing community in Canada. Plenary Group (Canada) Ltd. and PCL Investments Canada Inc. are providing the equity required for the Project. The financing comprises a short-term bond and long-term bond with RBC Dominion Securities as bond underwriter and a credit facility provided by Alberta Treasury Branches. All funders (including both bonds and bank debt) were represented by Fasken Martineau DuMoulin LLP with a team that included Brian Kelsall, Ella Plotkin, Marc Lefler, Sean Morley and Nick Gefucia.