MCGILL UNIVERSITY HEALTH CENTRE'S GLEN CAMPUS RECEIVES PFI AWARD FOR PPP DEAL OF THE YEAR (AMERICAS) FROM THOMSON REUTERS
February 01 2011 - 9:00AM
PR Newswire (Canada)
MONTREAL, Feb. 1, 2011 /CNW/ -- MONTREAL, Feb. 1, 2011 /CNW Telbec/
- Thomson Reuters awarded its 2010 PFI Award for PPP Deal of the
Year (Americas) to the McGill University Health Centre (MUHC),
Groupe immobilier santé McGill and Infrastructure Québec for the
financing of the new MUHC Glen Campus project. The prize was
awarded at the PFI Awards Dinner held on January 26 in London, UK.
The PFI Awards are the ultimate recognition of achievement in
global project financing. The combination bank/bond financing for
the new McGill University Health Centre in Montréal expanded the
universe of PPP investors to fund the largest greenfield hospital
project in Canada despite the challenge of a lengthy 51-month
construction period. The financial advisors for Groupe immobilier
santé McGill, SNC-Lavalin Capital and Investec North America
Limited, chose Scotiabank, Dexia, BNP Paribas, CIBC, Crédit
Agricole, RBS, and SMBC to handle the bank portion and Scotia
Capital, Casgrain and Dexia to underwrite the bond issue. The
financing program received great investor demand for the bond
portion. The amortising bonds, which mature in 2044, were priced to
yield 290 GBX over the benchmark. The bank loan portion of the
financing was priced at 225 GBX over Libor. The bond issue raised
764 million from more than 50 investors. A consortium led by
SNC-Lavalin with its partner Innisfree will develop the
300,000m(2), 500-bed facility under a DBFM contract comprising a
30-year operating period. "Rare are the opportunities to create a
physical environment that will encourage the transformation of
health care for generations, but the McGill University Health
Centre's Glen Campus is one of them," noted the Hon. Arthur T.
Porter, MUHC Director General and CEO. "It takes vision to invest
in it, to innovate with its potential in mind and to bring personal
ideas to bear not only on what that environment could look like but
also how people could make it thrive. The Thomson Reuters award for
our PPP transaction is yet another testament that this vision and
my objectives for our organization are coming to life." "The award
is in recognition of the innovative financing put in place by
Groupe immobilier santé McGill, composed of SNC-Lavalin and
Innisfree, as part of the overall project mandate. The novel aspect
of this financing is the massive contribution from the bond portion
in combination with the bank portion," added Gilles Laramée,
Executive Vice-President and Chief Financial Officer, SNC-Lavalin
Group Inc. "The award also confirms SNC-Lavalin's and its partners'
ability to structure financing that is adapted to market
conditions." "The Glen Campus PPP construction venture is one
of the largest hospital infrastructure projects in the world. This
award confirms that meticulous management and planning leads to
excellence. Completing this project gives the Montréal area just
the kind of economic boost it needs and will help provide our
citizens with world-class health care at the cutting edge of
technology. We look forward to the opening of the McGill University
Health Care Glen Campus with excitement and pride," adds Michelle
Courchesne, Minister responsible for Government Administration,
Chair of the Conseil du trésor and Minister responsible for
Infrastructure Québec. About the McGill University Health
Centre (MUHC) One of the world's foremost academic health centres,
the MUHC offers exceptional and integrated patient-centric care,
research teaching and technology assessment. Highly committed to
the continuum of care in its community and affiliated with the
Faculty of Medicine of McGill University, The Montreal Children's
Hospital, the Montreal General Hospital, the Royal Victoria
Hospital, the Montreal Neurological Hospital, the Montreal Chest
Institute and the Lachine Hospital of the MUHC value
multidisciplinary service throughout the lifespan, innovative
technologies and practices, strategic partnerships and leadership
in knowledge transfer. The MUHC is currently carrying out a
$2.25-billion Redevelopment Project on three campuses—the Mountain,
the Glen and Lachine—designed to provide healthcare professionals
with an effective environment in which to ensure patients and their
families benefit from The Best Care for Life. The campuses are also
anchored in best sustainable-development practices, including
LEED(®) and BOMA BESt guidelines. www.muhc.ca
www.muhc.ca/construction SNC-Lavalin (TSX:SNC) is one of the
leading engineering and construction groups in the world and a
major player in the ownership of infrastructure, and in the
provision of operations and maintenance services. SNC-Lavalin has
offices across Canada and in over 35 other countries around the
world, and is currently working in some 100 countries. In business
since 1911, the Company celebrates its 100(th) anniversary in
2011. www.snclavalin.com. Infrastructure Québec is overseen
by Michelle Courchesne, Chair of the Conseil du trésor. Its mission
is to assist in the planning, completion and follow-up of major
government infrastructure projects, regardless of how they are
carried out, by providing advice and expertise to ensure the proper
management of public funds. www.infra.gouv.qc.ca. To view this news
release in HTML formatting, please use the following URL:
http://www.cnw.ca/en/releases/archive/February2011/01/c6805.html
table class="cnwBorderedTable" border="1" cellspacing="0"tr
valign="top"td colspan="2" align="left"Media /td/tr tr
valign="top"td align="left"Leslie Quintonbr/ Vice-President,
Corporate Global Communications br/ SNC-Lavalin Group Inc.br/
514-393-1000, ext. 7354br/ a
href="mailto:Leslie.quinton@snclavalin.com"Leslie.quinton@snclavalin.com/a/td
td valign="top" align="left"Isabelle Mercillebr/ Press Officer for
the Minister responsible forbr/ Government Administration and Chair
of the Conseilbr/ du trésor br/ 418-643-5926br/ br//td/tr tr
valign="top"td align="left"Julie Paquetbr/ Communications Lead, New
MUHCbr/ McGill University Health Centrebr/ 514-934-1934, ext.
71684br/ a
href="mailto:Julie.paquet@muhc.mcgill.ca"Julie.paquet@muhc.mcgill.ca/abr/
br//td td valign="top" align="left" /td/tr/table
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