Borealis completes term loan facility agreement for Detroit River Rail Tunnel

Borealis Transportation Infrastructure Trust (Borealis), a subsidiary of OMERS Administration Corporation, recently completed an agreement for a new US$75 million 3-year annually extendible secured term loan facility. Borealis holds a majority interest the Detroit River Tunnel Partnership which owns the Detroit River Rail Tunnel.

The Detroit River Rail Tunnel is a 2,600 meter cross-border rail tunnel linking Detroit, Michigan and Windsor, Ontario, and enabling the flow of international commercial freight in the critical trade corridor between the Port of Montréal, Quebec, and Chicago, Illinois.

The financing is being provided by Royal Bank of Canada, as administrative agent and lender and The Toronto-Dominion Bank, as syndication agent and lender with RBC Capital Markets and TD Securities as co-lead arrangers and joint bookrunners.

Royal Bank of Canada and The Toronto-Dominion Bank were represented by McMillan LLP with a team of Jeff Rogers, Michelle Boodhoo and Sarah Whyte.