10 | Finance
Lexpert®Ranked Lawyers
Callaghan, Frank S.
Borden Ladner
Gervais LLP
(416) 367-6014
fcallaghan@blg.com
Mr. Callaghan's
corporate practice
focuses on project
fi nance, securities,
M&A, corporate fi nance
and commercial
transactions. He
represents domestic
and foreign companies,
shareholders, issuers,
banks and asset-based
lenders.
Craig, QC, John N.
Bennett Jones LLP
(403) 298-3463
craigj@bennettjones.
com
Mr. Craig's practice
focuses on all
aspects of national
and international
construction law,
including project
structuring and
contracting, and
dispute resolution
of project disputes,
including negotiation,
mediation, arbitration
and litigation.
D'Amour, Normand
Miller Thomson LLP
(514) 871-5487
ndamour@
millerthomson.com
Mr. D'Amour is a
leading lawyer in
construction law,
specializing in writing
and negotiating
contracts, interpreting
statutes, litigation,
mediation and
arbitration. He regularly
represents clients
before courts of
law, arbitrators
and mediators.
Coburn, F. F. (Rick)
Borden Ladner
Gervais LLP
(416) 367-6038
rcoburn@blg.com
Mr. Coburn's practice
includes land use
approvals and
environmental aspects
of infrastructure
projects. He has acted
on a range of major
transportation and
institutional projects
involving remediation,
site certifi cation
and brownfi elds
assessment.
Cusano, Luigi
A. (Lou)
Torys LLP
(403) 776-3797
lcusano@torys.com
Mr. Cusano's
practice focuses
on administrative,
regulatory and
environmental law and
commercial litigation
in the energy sector,
including regulatory
work in the electricity
and oil and gas sectors.
D'Angelo, Rocco
Borden Ladner
Gervais LLP
(613) 787-3549
rdangelo@blg.com
Mr. D'Angelo practises
real property and
general commercial
law. He represents
public and private
entities, including
owners, developers
and lenders, in
the infrastructure
and P3 sectors on
development, leasing
and fi nancing matters.
government authority.
e authority wants to be assured that the refi nancing will
expose it to "no additional cost should it choose to terminate
the project before the end of the term," says Borduas.
Before 2010, bank lending typically fi nanced the short
term (the construction phase) and bonds were used to fi -
nance the long term (the operating life) of a project. Since
then, short-term bonds have increasingly replaced conven-
tional bank lending for the short term, says Borduas.
e long-term component used to be provided by banks,
too, but in recent
years, says Plotkin,
they have shied away
from long-term tenor,
and long-term fi nanc-
ing now tends to be
via bonds. "What
we've seen transferred
on the debt side are
bank interests in
the short term and
some of their older
positions in the long
term," says Plotkin.
e Centre Hos-
pitalier de l'Université de Montréal project, which reached
fi nancial close in 2011, was the largest P3 bond issue in Ca-
nadian history and one of the fi rst to use bonds to fi nance
the short-term phase.
Bond fi nancing takes one of two forms: private place-
ments with the LifeCos – the major life insurance compa-
nies – or broadly sold bond issues.
e Canadian bond market has a healthy appetite for is-
sues of P3 bonds: the Oakville Hospital's $592-million issue
in 2011 was oversubscribed by 300 per cent. Once issued,
there are no restrictions on the bonds' re-sale. It's a highly
evolved and active market.
"More and more, P3 projects are going to move past
their retention period. You're going to see international
contractors sell their equity stakes to private-equity
funds and pension funds, and then use the proceeds
to redeploy into new projects."
– ROBERT BORDUAS, NORTON ROSE FULBRIGHT CANADA LLP
