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PFI/PPP/Municipal finance

02 February 2011

Plenary prices CSEC bonds The C$1 billion ($1 billion) bond issue for Plenary’s Long-Term Accommodation pro­ject priced at 113bp for the short tranche and 200bp for the long tranche over the equivalent government of Can­ada bond curves. The pricing on the bonds, led by sole underwriter Royal Bank of Can­ada, is the lowest for a Canadian public-private partnership since Bilfinger Berger closed on the northern section of the Anthony Henday Drive concession in Alberta in 2008. The 33-year long tranche was increased to C$839.6 million from C$838.2 million while the five-year short tranche remain­ed C$167.4 million. Plenary will make provide C$124 million in equity to the project. Financing is expected to close before the end of January. The 33-year design-build-finance-main­tain concession includes construction of a new 84,000 square metre office building and 800-space parking facility for the Communications Security Establishment of Canada (CSEC) in Ottawa. It also in­cludes construction oversight and facilities management...

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