On March 30, 2010, the Government of Alberta and Chinook Roads Partnership, a partnership between affiliates of SNC-Lavalin Inc. and Acciona S.A., entered into a 33-year agreement to design, build, partially finance and operate the 25-kilometre southeast leg of the Stoney Trail ring road in the City of Calgary, and to operate and maintain, from the date of opening of the southeast leg, the existing Deerfoot Trail from southeast Stoney Trail to the Highway 2A junction. Chinook Roads Partnership will commence construction of the road in May of 2010 and it is anticipated the road will open to traffic by the fall of 2013.
At the same time, financial close was reached with Chinook Roads Partnership and its lenders, Sun Life Assurance Company of Canada, The Canada Life Assurance Company, The Manufacturers Life Insurance Company and BCE Master Trust Fund, as well as Computershare Trust Company of Canada as indenture trustee, National Bank Financial Inc. as senior bonds administrative agent, TD Securities Inc., National Bank Financial Inc. and Casgrain & Company Limited.
The contract value for this public-private partnership project is equivalent to $769 million in today's dollars.
The Alberta Government was represented in-house by Mark Enright.
The Chinook Roads Partnership's legal team was represented in-house by Janet Oh and Jaime de Rivera Lopez de Letona, and externally by Blake, Cassels & Graydon LLP with a team that included Mungo Hardwicke-Brown, Anne Stewart, QC, Garth Anderson, Kevin Fougere, Zoubida Arfaoui, Sabeen Sheikh, Melissa Zerebeski, Julia Hughes and Colleen Ross.
Counsel for Chinook Roads Partnership's Engineering, Procurement and Construction Contractor included Hannelie Stockenstrom, representing SNC-Lavalin Constructors (Pacific) Inc. Counsel for Chinook Roads Partnership's Operations and Maintenance Contractor included Christina Costy and Jaime de Rivera Lopez de Letona.
The lenders were represented in-house by Sam Steel for Sun Life Assurance Company of Canada and Virginia Toni for The Canada Life Assurance Company, and externally by McCarthy Tétrault LLP with a team that included Linda Brown, Byran Gibson, QC, Morgan Troke and Fayyaz Karmali.