On March 27, 2015, Halton Healthcare Services Corporation and Infrastructure Ontario reached Financial Close with Plenary Health Milton LP (Project Co) to design, build, finance and maintain the Milton District Hospital Redevelopment Project (the Project), located in Milton, Ontario. PCL Constructors Canada Inc. is acting as the Construction Contractor and Johnson Controls Canada LP is acting as the Service Provider for the Project.
Financing for the Project is being provided through a short-term bond and long-term bond with RBC Dominion Securities as bond underwriter and a credit facility provided by Alberta Treasury Branches. BNY Trust Company of Canada is acting as the collateral agent and indenture trustee.
Plenary Group (Canada) Ltd. and PCL Investments Canada Inc. provided the equity required for the Project.
Once completed, the Project will add 330,000 square feet of space to the existing 125,000 square-foot hospital.
Designed to address the needs of all users, the Project will focus on meeting the care needs of those living in Milton, Ontario, the fastest-growing community in Canada.
Project highlights include: The expansion of emergency and surgical services, medical/surgical inpatient units, critical care, maternal newborn and diagnostic imaging and support services; increasing the capacity of the currently existing inpatient beds; 80 per cent single-patient rooms for improved infection prevention and control and to provide increased patient privacy and a quieter healing environment; the addition of the hospital’s first Magnetic Resonance Imaging (MRI) machine; and a Level 2A Special Care Nursery with capacity for eight bassinettes in the Maternal Newborn Unit.
The contract commits Project Co to design, build, finance and maintain the Project for a contract value of approximately $512 million, part of which will be paid by Halton Healthcare Services when substantial completion, scheduled for spring 2017, occurs and the remainder will be paid over the course of the maintenance period.
Halton Healthcare Services Corporation and Infrastructure Ontario were represented by McCarthy Tétrault LLP with a legal team comprising Godyne Sibay, Gord Willcocks, Cynthia MacDougall, Jonathan See, Tristan Musgrave, Ian Mak, Patrick Oufi, Adam Armeland and Jacquelyn Daley. Infrastructure Ontario was represented in-house by Pina Di Biase, Legal Counsel.
Project Co’s legal team was led by Davies Ward Phillips & Vineberg LLP with a team that included Robert Bauer, Nick Williams, Jennifer Grossklaus, Patrice Thomas, Will Buchner, Tracie Allan and Jared Solinger, together with Project Co’s British Columbia and Alberta counsel, Gowling Lafleur Henderson LLP, with a team that included Peter Fairey and Matthew Mitchel. Construction Contractor’s legal team was led by Reynolds Mirth Richards & Farmer LLP with a team that included Donald Lucky, John Paul Janssens and Mark Hildebrand. Service Provider’s legal team was led by Gowling Lafleur Henderson LLP with a team that included Darryl Brown, Faithe Holder and Irene Chang. The funders (including both bonds and bank debt) were represented by Fasken Martineau DuMoulin LLP with a team that included Brian Kelsall, Ella Plotkin, Marc Lefler and Sean Morley.