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Aecon achieves commercial and financial close on the Bermuda Airport Redevelopment Project
Aecon achieves commercial and financial close on the Bermuda Airport Redevelopment Project...
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[{"type":"text","content":"\n\n\n\nAecon achieves commercial and financial close on the Bermuda Airport Redevelopment Project\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 16, 2017\n\n\n\nTORONTO, March 16, 2017 /CNW/ - Aecon Group Inc. (TSX:ARE) announced today that it has achieved commercial and financial close on the L.F. Wade International Airport Redevelopment Project in Bermuda (Bermuda Airport Project).   \n\nThe Bermuda Airport Project is being implemented under a framework agreement between the Government of Bermuda and the Canadian Commercial Corporation (CCC), a Crown corporation of the Government of Canada.  Commercially, the project is being delivered under a Public-Private Partnership (P3) business model.  Aecon, as the private sector partner, is responsible for the project's development, financing and long-term operation and maintenance.  \n\nUnder the agreement, CCC will deliver a world-class new airport terminal and associated infrastructure under a fixed price, date guaranteed design and construction contract.  CCC will fully subcontract the work to Aecon, a construction contract valued at US$274 million.  Construction of the new terminal will begin shortly and is scheduled to be completed in 40 months.  The new works are being constructed on the airport property well removed from the existing terminal, allowing for uninterrupted operations of the existing terminal. \n\nIn addition to its construction mandate, Aecon's Concessions segment led the development and financing of the project.  On financial close, Bermuda Skyport Corporation Limited (Skyport), a special purpose company formed and initially 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 redevelopment project over a 30-year concession term.\n\nFinancing for the project has been arranged by Aecon, and includes a US$285 million fixed coupon US private placement, amortized over a 25-year term, and approximately US$70 mill...