8 LEXPERT MAGAZINE
|
JANUARY 2019
GORDIE HOWE INTERNATIONAL
BRIDGE PROJECT ACHIEVES
FINANCIAL CLOSE
TRANSACTION VITALS
Announced: 7/5/2018
Closed: 9/28/2018
Technique: P3
Transaction Type: infrastructure project
Total Value: $5.7 billion
BRIAN KELSALL
FASKEN MARTINEAU
DUMOULIN LLP
(FOR WINDSOR-DETROIT
BRIDGE AUTHORITY AND
HMQ IN RIGHT OF CANADA)
TOM BARLOW
FASKEN MARTINEAU
DUMOULIN LLP
(FOR WINDSOR-DETROIT
BRIDGE AUTHORITY AND
HMQ IN RIGHT OF CANADA)
ANDREW BURTON
DLA PIPER (CANADA) LLP
(FOR BNA CONSTRUCTORS
CANADA GP)
CATHERINE DOYLE
BLAKE, CASSELS &
GRAYDON LLP
(FOR PROJECT CO.)
LINDA BROWN
MCCARTHY TÉTRAULT LLP
(FOR THE UNDERWRITERS,
LENDERS AND HEDGE
PROVIDERS)
On September 28, 2018, Windsor-Detroit
Bridge Authority, a Crown corporation
of the Government of Canada, reached
financial close with Bridging North Amer-
ica General Partnership (a partnership
indirectly held by ACS Infrastructure
Canada Inc., Fluor Canada Ltd. and Ae-
con Concessions, a division of Aecon
Construction Group Inc.) for the design,
construction, financing, operations, main-
tenance and rehabilitation of the Gordie
Howe International Bridge Project, a new
publicly-owned international bridge cross-
ing between Windsor, Ont., and Detroit,
Michigan. e Gordie Howe International
Bridge Project is the largest and most am-
bitious bi-national infrastructure project
along the Canada-United States border.
e fixed-price contract for the project,
which includes the longest cable-stayed
bridge span in North America (and one of
the longest in the world), two port of entry
facilities on each side of the Canada-United
States border and the Highway I-75 inter-
change in Detroit, is valued at $5.7 billion
(nominal value). e project is being con-
structed by BNA Constructors Canada
GP, the partners of which are Dragados
Canada, Inc., Fluor Canada Ltd. and Ae-
con Infrastructure Management Inc. Once
completed it will be operated and main-
tained by BNA O&M General Partner-
ship, a partnership indirectly held by ACS
Infrastructure Canada Inc., Fluor Canada
Ltd. and Aecon Concessions, a division
of Aecon Construction Group Inc. e
project is also being designed by AECOM
Canada Limited.
Construction on the project began on
October 5, 2018, with the bridge expected
to be in service by the end of 2024. Fi-
nancing for the project is being provided
through the issuance of medium and long
term bonds underwritten by RBC Domin-
ion Securities Inc. and HSBC Securities
(Canada) Inc., as well as a short term cred-
it facility and hedging program provided
by Fédération des caisses Desjardins du
Québec, HSBC Bank Canada, Mizuho
Bank, Ltd., Royal Bank of Canada and e
Toronto-Dominion Bank.
Windsor-Detroit Bridge Authority and
Her Majesty the Queen in Right of Can-
ada were represented by Fasken Martineau
DuMoulin LLP with a team led by Tom
Barlow and Brian Kelsall, that included
Doug R. Scott, Barbara Miller, Ella Plot-
kin, Sean Morley, Kathleen Butterfield,
Marc Lefler, Louise Kennedy and Zackary
Burashko, together with Alison Lacy, Clif-
ford Sosnow, Neil Smiley, Rosalind Coop-
er, Christopher Steeves, Sean Stevens, Paul
Casuccio, Daniel Fabiano, Gordon Hunt-
er, Scott Ma and others. Windsor-Detroit
Bridge Authority was led in-house by Vicky
Tuquero and Kathleen Roberts. Advice on
US law matters was provided by Warner
Norcross + Judd LLP with a team that
included Timothy Horner and Charlie
Goode.
Bridging North America General Part-
nership and BNA O&M General Part-
nership were led in-house by Marc Aron,
Chief Legal Officer, Mark Platteel, Gener-
al Counsel, Greg Walters, Vice President,
Legal and Meno Tessema, Associate Vice
President, Legal for ACS, by Steven Pascoe,
VP Law for Fluor and by Yonni Fushman,
Executive Vice President & Chief Legal Of-
ficer for Aecon.
Blake, Cassels & Graydon LLP acted
as counsel to Project Co. with a team that
included Catherine Doyle, Mark Johnson,
Aaron Palmer, Kathleen Penny, Samantha
Rossman and Catherine Youdan, togeth-
er with Christine Ferguson, Chris Flood,
Robert Frazer, Laura Gagnon, Megan Shaw,
Aletha Utley, Jon Viner and Joe Zed. Ad-
vice as to US securities law matters was pro-
vided by Skadden, Arps, Slate, Meagher
& Flom LLP with a team that included
Riccardo Leofanti and Annabelle Gardere.
BNA Constructors Canada GP was
represented in house by Adam Brody, Gen-
eral Counsel for Dragados Canada Inc.,
Jonathan van Ginhoven, Senior Counsel
for Fluor and Patricia Skringer , Director,
BIG DEALS CORPORATE TRANSACTIONS OF IMPORTANCE
DEALS
SNAPSHOT
Corporate Finance
21
Mergers and Acquisitions
21
Cross-border Transactions
21
13
Total Deals Published
