The $113 Million Ottawa Hospital Regional Cancer Program Redevelopment Project Reaches Financial Close

On December 20, 2007, The Ottawa Hospital/L'Hôpital d'Ottawa and Queensway-Carleton Hospital reached financial close with PCL Constructors Canada Inc. to build and finance The Ottawa Hospital Regional Cancer Program project with financing arranged by the Toronto-Dominion Bank. The project will include renovations to and expansion of the cancer centre at The Ottawa Hospital/L'Hôpital d'Ottawa's General Campus, and the addition of a new satellite cancer centre at Queensway-Carleton Hospital. The value of the contract for the redevelopment of The Ottawa Hospital/L'Hôpital d'Ottawa is $46.7 million and for Queensway-Carleton Hospital is $66.3 million, for a combined total of $113. The contracts guarantee fixed prices and fixed delivery dates for the redevelopment of the hospitals. The estimated total cost of redeveloping both hospitals is $180.6 million. This cost includes the fixed construction contracts with PCL Constructors Canada Inc., as well as other estimated costs related to each project such as furniture, equipment, permits, architectural and engineering fees, transactional and project management fees. The Ottawa Hospital Regional Cancer Program project is one of many hospital infrastructure projects being upgraded and modernized under ReNew Ontario, the Ontario government's five-year, $30 billion plus public infrastructure investment plan. The Ottawa Hospital/L'Hôpital d'Ottawa, Queensway-Carleton Hospital and Infrastructure Ontario's legal team was led in-house by Andrés Durán, legal counsel with Infrastructure Ontario and by Borden Ladner Gervais LLP with a team that included Richard Shaban, William McLean, James MacLellan, Daniel Boan, Carolyn Wainman, Andrew Smith and Shane Pearlman. PCL Constructors Canada Inc. was represented by John Paul Janssens and Don Lucky of Reynolds Mirth Richards & Farmer LLP.

The Toronto-Dominion Bank and the lenders were represented by Dan Ford, Jeff Heinbuch, and Michael Kershaw of Bennett Jones LLP.