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| SNC-Lavalin and MUHC announce closure for the Glen Campus SNC-Lavalin and the McGill University Health Centre (MUHC) announced the financial closure and official signing of a partnership agreement between the MUHC and the McGill Health Infrastructure Group (MHIG), composed of SNC-Lavalin and Innisfree Ltd. Under this 34-year public-private partnership (PPP) the MHIG will design, build, finance and maintain the MUHC's new Glen Campus. Construction is underway and should be completed in the autumn of 2014. Once completed, MHIG will maintain the campus for the next 30 years. The MHIG has raised $764 million through the sale of Senior Secured Bonds, which have been assigned a rating of A- by Standard & Poor's and A (low) by DBRS. SNC-Lavalin Inc. and Innisfree Secondary Fund LP committed to invest, directly or indirectly, an amount of $192 million in equity and subordinated debt. The MUHC will also contribute to the financing, mainly through its $300-million fundraising campaign, which reflects the community's support for the project. Credit facilities have also been obtained for the duration of the construction. write your comments about the article :: © 2010 Construction News :: home page |