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Client Work

East Rail Maintenance Facility P3 Completes US$432 Million Financing

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Overview

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Lenders to the winning consortium

On March 27, 2015, our team successfully advised the lenders in the financing of the East Rail Maintenance Facility P3 (Project valued at US$859 million; private sector financing of US$432 million.   The design, build, finance and maintenance project of the East Rail Maintenance Facility over a 30 year fixed price P3 contract project was funded by the Province of Ontario via MetroLinx and the federal government through PPP Canada. The facility in Whitby is approximately 500,000 square feet and is being built to support GO Transit’s commitment to improving public transit in the GTA and Hamilton area. The financing for the project included $183 million long-term bonds and $112 million short-term bonds underwritten and placed privately by TD Securities, as well as $137 million construction period credit facility provided by TD Bank and Bank of Montreal.   Fasken Martineau advised lenders on all aspects of this financing with a team led by Brian Kelsall and including Ella Plotkin, Marc Lefler, Sean Morley, Alex Nikolic, John Sabetti and Nick Gefucia.

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