Eglinton crosstown light rail transit project reaches financial close

Our team successfully advised the lenders and underwriters on the financing of the Eglinton Crosstown Light Rail Transit (“LRT”) Project, one of the first projects currently underway as part of Metrolinx’s regional transportation plan called “The Big Move”, a 25-year plan for coordinated, integrated transportation and transit in the Greater Toronto and Hamilton area. The $5.3 billion LRT project, which reached financial close on July 21, 2015, will run across Eglinton Avenue between Mount Dennis (Weston Road) and Kennedy Station for 19 km and will include 25 stations. The project aims to reduce congestion and provide a reliable transit to Toronto residents. Crosslinx Transit Solutions consortium, comprised of ACS Infrastructure Canada Inc., Aecon Concession, a division of Aecon Construction Group Inc., EllisDon Capital Inc., and SNC-Lavalin Capital Inc. was selected by Infrastructure Ontario and Metrolinx as the preferred proponent to design, build, finance and maintain the project. The financing for the project included $731 million long-term bonds underwritten by National Bank Financial Inc. and Scotia Capital Inc., as well as $543 million construction period credit facility provided by Alberta Treasury Branches, Caisse centrale Desjardins, The Bank of Nova Scotia, Bank of Tokyo-Mitsubishi (UFJ) Canada and The Toronto-Dominion Bank. Fasken Martineau advised the funders (bonds and banks) on all aspects of this financing with a team led by Brian Kelsall and including Ella Plotkin, Sean Stevens, Marc Lefler, Sean Morley and Daniel Fuke.