William Osler Health System and Infrastructure Ontario reached Financial Close with Plenary Health Peel LP, an affiliate of Plenary Group (Canada) Ltd., to design, build, finance and maintain the new Peel Memorial Centre for Integrated Health and Wellness, located in downtown Brampton.
Financing for the project is being provided through a bond issue and credit facility with BNY Trust Company of Canada acting as collateral trustee and indenture trustee and Alberta Treasury Branches as lender.
The project will include sustainable design and construction features, with the goal of achieving the Leadership in Energy and Design (LEED®) Silver Certification.
Plenary Health Peel LP will receive annual payments from Osler over a 30-year period. Payments cover construction, building maintenance, lifecycle repair and renewal, and project financing.
The total value of payments to Plenary Health Peel LP spread over 30 years is approximately $491 million in today’s dollars.
The Osler and Infrastructure Ontario legal team was led in-house by Marty Venalainen, Legal Counsel with Infrastructure Ontario and by Christopher Parkes, Legal Counsel with Osler and by Borden Ladner Gervais LLP with a team that included Richard Shaban, Andrew Smith, Shane Pearlman, Brennan Carroll and Tiffany Murray.
Plenary Health Peel LP was represented by Davies Ward Phillips & Vineberg LLP with a team that included Robert Bauer, Steve Martin, Will Buchner, Ioana Hancas and Adam Heller and in British Columbia by Peter Fairey and Matt Mitchell of the Vancouver office of Gowling Lafleur Henderson LLP. PCL Constructors Canada Inc. will act as the Construction Contractor and was represented by Don Lucky and Mark Hildebrand of Reynold Mirth Richards & Farmer LLP. Honeywell Limited will act as the Service Provider and was led in-house by Elliot Gwosdy and was represented by Jim Janetos, Colin Ground and Alykhan Somani of Cassels Brock & Blackwell LLP and Louis Hering and Gregory Day of Morris, Nichols, Arsht & Tunnell LLP.