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RBC Dominion Securities and banking syndicate arrange financing for US$622 million contract for new Bridgepoint Hospital

Fasken
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On August 12, 2009, Bridgepoint Health and Infrastructure Ontario announced that Plenary Health had signed a contract with the hospital to design, build, finance and maintain the new Bridgepoint Hospital in Toronto, designed for patients with complex chronic disease. Financial close in respect of this project was reached on the same date. The Plenary Health team includes Plenary Group, Innisfree, HDR Architects/Diamond Schmitt Architects Inc., PCL Constructors Canada Inc., Johnson Controls Inc., and RBC Capital Markets. Bank and bond financing for the Bridgepoint Hospital project is being provided by RBC Dominion Securities Inc. as long term bond underwriter, together with a short term lending banking group consisting of Calyon New York Branch, Dexia Credit Local and Royal Bank of Canada. Equity is being provided by Plenary and Innisfree. The Bridgepoint Hospital project will be delivered using an alternative financing and procurement model. Plenary will receive annual payments from Bridgepoint Health over a 30-year period. The contract with Plenary is for a fixed price of $622 million in today's dollars, to be delivered by a fixed completion date. A1 lenders (short term bank lenders as well as long term bondholders) were advised by a team from Fasken Martineau that included Brian Kelsall, Ella Plotkin, Jon Holmstrom, John Sabetti, Marc Lefler and Dan Fuke.

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