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DEAL ANALYSIS: 407E

22 July 2012

Two of the owners of the 407 electronic toll road closed the C$871.4 million financing for an extension to the highway (407E) in May. Cintra and SNC-Lavalin each own 50% of 407 East Development Group, the project company for the 30-year availability- based design-build-finance-maintain concession of the eastern extension to the 407 toll road. Cintra also owns 43.23% of 407 ETR Concession Company, which holds the 99-year real toll concession for the original sections of the 407 toll road, while SNC owns another 16.77% and the Canadian Pension Plan Investment Board owns the remainder. The lease of the original sections of the road, which closed in 1999, attracted considerable negative comment in the province, both because critics felt that the sale brought in too little in proceeds, and because the terms of the concession gave the owners a high degree of freedom to set tolls. Shortly after the present administration took office...

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