L.F. Wade International Airport Redevelopment Project achieves financial close
March 15, 2017
On March 15, 2017, the US$285 million L.F. Wade International Airport Redevelopment Project in Bermuda achieved financial and commercial close. The Project is being implemented under a framework agreement between the Government of Bermuda and the Canadian Commercial Corporation, using a Public-Private Partnership (P3) business model. Aecon, as the private sector partner, is responsible for the design, construction, financing and operation and maintenance of the airport over a 30-year concession period. On financial close, Bermuda Skyport Corporation Limited, a special purpose company formed and wholly-owned by Aecon Concessions, will take over the airport’s operations, maintenance and commercial functions, and manage and coordinate the overall delivery of the Project. The Project will meet modern safety standards and growing demand for passenger capacity, which cannot be achieved by modifying the existing terminal. Financing for the project has been arranged by Aecon, and includes a US$285 million fixed coupon US private placement.
McCarthy Tétrault LLP advised the concessionaire on all aspects of the transaction and led the drafting of all material commercial agreements. The McCarthy Tétrault team was led by Jody Aldcorn (Business Law & Financial Services) and included Linda Brown (Business Law & Financial Services), Byran Gibson (Financial Services), Jim Janetos (Projects), Pavan Jawanda, Ailbish Skinner, Liezl Behm, Samantha Cunliffe and Meredith Bragg (Business Law), and Joy Ren and Patrick Beechinor (Real Property & Planning).