Sea-To-Sky Highway Improvement Project bond issuance and refinancing

On June 16, 2016, Sea to Sky Highway Investment L.P. (SSHILP) completed the refinancing of the Sea-to-Sky Highway Improvement Project, a public-private partnership project managed by Axium Infrastructure Inc.

The refinancing was effected by way of a private placement offering in Canada, the United States and certain other international jurisdictions, of $556,495,000 aggregate principal amount of 2.629 per cent Fixed Rate Series A Senior Secured Amortizing Bonds due 2030, through a syndicate of agents led by National Bank Financial Inc., as lead agent and sole bookrunner, and including BMO Nesbitt Burns Inc., CIBC World Markets Inc. and Desjardins Securities Inc.

The net proceeds from the offering are being used by SSHILP to repay amounts owed under a secured term-financing facility, to settle hedging agreements and to pay the expenses related to the offering.

The balance of the proceeds remains available for distributions to the consortium led by Axium Infrastructure.

SSHILP was represented by Stikeman Elliott LLP with a team led by Maxime Turcotte that included David Tardif, Amy Chao, Olivier Godbout, Charlotte Verdebout and Valérie Trudeau (corporate finance and securities), Sterling Dietze, Jamie Templeton, Maxime Jacquin, Dominique Rolland and Daniel Tsarevsky (banking and infrastructure), and Franco Gadoury and Dominic Bédard-Lapointe (tax). SSHILP was also represented in the United States by Morrison & Foerster LLP with a team that included Jonathan Melmed and Ze’-ev Eiger.

The agents were represented by Blake, Cassels & Graydon LLP with a team led by Anne Stewart, QC, that included Catherine Youdan, Alison Desipio and Victoria Locke (corporate finance and securities), Alain Massicotte, Clémentine Sallée, Viorelia Guzun, Samantha Rossman, Jennifer Ruddick and Graham Fulton (banking and infrastructure), and Bill Maclagan and Soraya Jamal (tax).

The agents were also represented in the United States by Winston & Strawn LLP with a team that included Alan Hoffman.