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CHUM Hospital: B leader

24 July 2011

The first private infrastructure deal rated below A to hit the Canadian market - Collectif CHUM closed a C$1.371 billion ($1.39 billion) senior secured bond issue for the 38.8-year Centre Hospitalier de l’Université de Montréal (CHUM) concession on 9 June. The sponsors paid for the lower rating with a wider spread than similar deals, but the issue proved that there is significant investor appetite for slightly riskier infrastructure credits. Even though the deal features a construction period of almost nine years, and negative carry issues to match, banks still could not compete with Canada’s increasingly liquid PPP bond market. The 30-year design-build-finance-maintain hospital concession is by far Canada’s largest to date. The two-phase, 8.8-year construction period includes a new 280,000 square-metre facility with 772 patient beds, plus retail and office space, as well as new parking facilities. The hospital will be located in central Montreal, on the same site as the existing...

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