|Date Closed:||March 16, 2017|
|Client Name:||Government of Bermuda, Ministry of Transportation|
On March 16, 2017, the L.F. Wade International Airport Redevelopment Project in Bermuda achieved commercial and financial close. This project is being implemented under a framework agreement between the Government of Bermuda and the Canadian Commercial Corporation (CCC). Under the agreement, CCC will, through its subcontract with a subsidiary of Aecon Group, design and construct a new passenger terminal and related infrastructure under a fixed price, date guaranteed design and construction contract valued at US$274 million.
Bermuda Skyport Corporation Ltd. (Skyport), a wholly-owned subsidiary of Aecon Concessions, financed the design and construction with a US$285 million fixed coupon US private placement and will assume operation and maintenance of the airport over a 30 year concession term. Construction of the new terminal begins in April 2017 and is expected to take approximately 40 months.
Bennett Jones served as Chief Legal Advisor to the Government of Bermuda with a team lead by Duncan Card in Bennett Jones' Bermuda office and including Paul Blundy, Leonard Griffiths, Art Peltomaa, Peter Westcott, Carl Cunningham, Preet Bell and Michael DeFaria, in Bennett Jones' Toronto office.