LEXPERT MAGAZINE
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JULY/AUGUST 2016 27
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CORPORATE TRANSACTIONS OF IMPORTANCE
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Utilities Financials Health Research
Media & Entertainment Recreation & Leisure Advertising & Marketing
E-Commerce Construction & Engineering
Consumer Staples
PROVINCE OF ALBERTA
COMPLETES $1B OFFERING
CLOSING DATE: MAY 27, 2016
On May 27, 2016, the Province of Alberta
completed an offering of $1 billion princi-
pal amount series DL 3.30 per cent bonds
due December 1, 2046.
e offering was completed by a syndi-
cate of underwriters led by BMO Nesbitt
Burns Inc., National Bank Financial Inc.,
Scotia Capital Inc., CIBC World Markets
Inc., RBC Dominion Securities Inc. and
e Toronto-Dominion Bank and includ-
ing, Desjardins Securities Inc., Casgrain &
Company Limited, Merrill Lynch Canada
Inc., HSBC Securities (Canada) Inc., Lau-
rentian Bank Securities Inc., and Canac-
cord Genuity Group Inc.
e Province of Alberta was repre-
sented by Michael Gluckman and Chris-
topher Ontkean of Alberta Justice and
Solicitor General.
e underwriters were represented by
Jon Truswell and Megan Bertram of Ben-
nett Jones LLP.
E-Commerce Construction & Engineering
Consumer Staples
ETOBICOKE GENERAL
HOSPITAL PHASE 1 PATIENT
TOWER PROJECT REACHES
FINANCIAL CLOSE
CLOSING DATE: MAY 6, 2016
On May 6, 2016, William Osler Health
System (Osler) and Infrastructure Ontario
reached Financial Close with Etobicoke
Healthcare Partnership LP to design,
build, finance and maintain the Etobicoke
Phase 1 Patient Tower Project.
Financing for the project is being pro-
vided through a short and long term credit
facility with BNY Trust Company of Can-
ada acting as security agent and Sumitomo
Mitsui Banking Corporation, e Toron-
to-Dominion Bank and the Canada Life
Assurance Company as lenders. Equity is
being provided by Axium Infrastructure
Canada II Limited Partnership and DIF
Infra 4 Canada Ltd.
WCC Construction Canada, ULC o/a
Walsh Canada will act as the Construction
Contractor and ENGIE Services Inc. will
act as the Service Provider for the project.
e Phase 1 Patient Tower Project in-
volves the construction of a new four-storey
wing to the existing hospital. e project
aims to achieve the Leadership in Energy
and Design (LEED) Silver Certification.
Etobicoke Healthcare Partnership LP
will receive annual payments from Osler
over a 30-year period. Payments cover con-
struction, building maintenance, lifecycle
repair and renewal, and project financing.
e contract is valued at $330 million,
which reflects the substantial completion
payment and the monthly service pay-
ments before inflation adjustments.
e Osler and Infrastructure Ontario
legal team was led in-house by Marty Ve-
nalainen, Legal Counsel with Infrastruc-
ture Ontario and by Christopher Parkes,
Legal Counsel with Osler, as well as by
Borden Ladner Gervais LLP with a
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