Credit Valley Hospital Priority Areas Redevelopment Project reaches financial close

On November 26, 2014, Trillium Health Partners (Trillium) and Infrastructure Ontario reached Financial close with Walsh Infrastructure Credit Valley, Ltd. (Walsh) to build and finance the Credit Valley Hospital Priority Areas Redevelopment Project, located in Mississauga, Ontario.

Financing for the project is being provided through a credit facility with Sumitomo Mitsui Banking Corporation as lender and Computershare Trust Company of Canada acting as account trustee. 

The scope of work consists of approximately 187,000 square feet of multi-phased renovations to the existing facility and new construction. Further details on the scope of the redevelopment project include the addition of five new operating rooms, an expanded post-anesthetic care unit, surgical day care recovery bays and a surgical check-in, increasing the number of critical care beds, expansion of the emergency department, a new paediatric treatment area, a new ambulance garage and major upgrades to the existing mechanical and electrical systems. 

The contract commits Walsh Canada to build and finance the project for a guaranteed price of approximately $101 million, which will be paid upon substantial completion, expected in spring 2018.

The Trillium and Infrastructure Ontario legal team was led in-house by Marty Venalainen, Legal Counsel with Infrastructure Ontario and by Sandra Milic, Legal Counsel with Trillium and by Blake, Cassels & Graydon LLP with a team that included Marianne Smith, Theresa Chan, Alyssa Shivji and Stephanie Console.

Walsh was represented by Torys LLP with a team that included Dan Ford, Graeme Murray, Min Kim and Henry Ren.

The lender was represented by Michael Allen and Maria McKenzie of Farris, Vaughan, Wills & Murphy LLP.