L.F. Wade International Airport Redevelopment Project achieves financial close
March 15, 2017
On March 15, 2017, the US$300 million L.F. Wade International Airport Redevelopment Project in Bermuda achieved financial and commercial close. The Project, implemented under a framework agreement between the Government of Bermuda and the Canadian Commercial Corporation, uses a Public-Private Partnership (P3) business model. Aecon Concessions, 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, took over the airport’s operations, maintenance and commercial functions, and has managed and coordinated the construction and redevelopment of the Airport. The new airport terminal, built sustainably, meets modern safety standards and the growing demand for passenger capacity. Financing for the Project was arranged by Aecon.
McCarthy Tétrault LLP advised the concessionaire on all aspects of the transaction, led the drafting of all material agreements, and continues to assist with all ongoing matters. The McCarthy Tétrault team was led by Jody Aldcorn and included Linda Brown, Jim Janetos, Pavan Jawanda, Ailbish Bruchet, Liezl Behm, Samantha Cunliffe, Erin O’Callaghan, and Patrick Beechinor.