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DEAL ANALYSIS: Capital Citylink
27 June 2012
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[meridiam]
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[alberta]
The Canadian province of Alberta has been a sparing user of PPPs. Aside from two packages of schools, with a third on the way, it has confined its use of PPP to the roads that ring the province’s capital, Edmonton, and largest city, Calgary. Robust oil and gas revenues allow the province to maintain unforgiving value-for-money criteria.
Sponsors always claim that a large and visible pipeline helps stimulate competition between debt and equity providers for concessions, and lower availability payments, and Ontario’s success in driving down the cost of PPP might bear out this argument. However, the lowest spread recorded until recently for a Canadian PPP has been the Federal government’s CSEC accommodation project. The record holder is now the financing for the north-eastern section of the Anthony Henday drive around Edmonton.
On 8 May, the bookrunners on the C$535 million issue for project company Capital City Link General Partnership...
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