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Is Oakville hospital a bottom for Canadian PPP spreads?
17 August 2011
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[ontario]
[fengate]
[carillion]
[ellisdon]
Fengate Capital, Carillion and EllisDon-led Hospital Infrastructure Partners closed the C$1.127 billion ($1.13 billion) Oakville Hospital concession in Ontario on 29 July. The deal is the province’s largest healthcare concession to date and marked, a new low in pricing for Canadian social infrastructure public private partnership (PPP) debt.
The 167,225 square-metre (1.8 million square feet) greenfield hospital project will house 457 beds in ambulatory care, inpatient, clinical diagnostic, and therapeutic services and support areas. The concessionaire is also responsible for building a 2,000-space car park next to the building. The hospital is located in Oakville, which is roughly 40km south-west of central Toronto on Lake Ontario.
Financing is split pari passu between a C$543.5 million long bond and a C$474 million short-term bank loan. The tranches were originally C$557.7 million and C$481.5 million, respectively, but shrank due to a lower than expected...
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