Air Rail Link Spur Line Project Reaches Financial Close
December 15, 2011
128.60 Million CAD
On December 15, 2011, The Province of Ontario, as represented by Infrastructure Ontario and Metrolinx, reached Financial Close with AirLINX Transit Partners Inc. to design, build and finance the three-kilometre “spur line” for the Air Rail Link and a new passenger station at Toronto Pearson International Airport (the “Airport”).
Upon completion, the Air Rail Link service between Toronto’s Union Station and the Airport will branch off the Weston Subdivision (GO Georgetown corridor) and connect to the new passenger station at Terminal 1. The fixed price contract with AirLINX Transit Partners Inc. is for C$128.6 million and construction is expected to be completed by summer 2014 with the Air Rail Link being in service in time for the TO2015 Pan / Parapan American Games.
Financing for the project was provided by Canadian Imperial Bank of Commerce, Laurentian Bank of Canada, National Bank of Canada, and The Toronto-Dominion Bank. National Bank Financial Inc. acted as Financial Advisor to the consortium.
McCarthy Tétrault LLP represented National Bank Financial, the agent, and the lenders, with a team led by Stephen Furlan.