Financial close of the Centre for Addiction and Mental Health redevelopment project
December 17, 2009
293.00 Million CAD
On December 17, 2009, the Centre for Addiction and Mental Health (CAMH), with its co-sponsor Infrastructure Ontario, reached financial close with Carillion Health Solutions, their lenders Banco Espirito Santo de Investimento S.A., New York Branch, The Bank of Nova Scotia, Dexia Credit Local S.A., acting through its Canada Branch, and Scotia Capital Inc., Dexia Capital Markets and Casgrain & Company Limited as underwriters to design, build, finance and maintain the next phase of CAMH’s redevelopment project on Queen Street West in Toronto.
The redevelopment project was delivered using an Alternative Financing and Procurement model. After construction is completed, Carillion Health Solutions will receive annual payments from CAMH over a 30-year period. Payments cover construction, building maintenance, lifecycle repair and renewal and project financing. The payments will total approximately $551 million after 30 years. In today's dollars this is equivalent to approximately $293 million.
McCarthy Tétrault acted for the lenders with a team led by Byran Gibson that also included Linda Brown, Morgan Troke, Sarah Bird, and Samantha Cunliffe.