London Ontario hospital redevelopment projects valued at US$261 million achieve financial close

On June 16, 2008, Infrastructure Ontario, together with London Health Sciences Centre, St. Joseph's Health Care, London, and EllisDon Corporation and its partners achieved financial close for the building and financing of two redevelopment projects in London, Ontario. The contracts commit EllisDon Corporation to build and finance the London Health Sciences Centre's Victoria Hospital Project for $211.8 million and the St. Joseph's Health Care, London's Phase 2 Ambulatory Health Care Project for $49.2 million. This project is being built using alternative financing and procurement (AFP). The financing for the London Health Sciences Centre project was arranged by The Bank of Nova Scotia (lender's agent), Canadian Imperial Bank of Commerce, Manulife Financial, The Toronto-Dominion Bank and Pacific & Western Bank of Canada. Financing for the St. Joseph's Health Care, London project was provided by Pacific & Western Bank of Canada. Infrastructure Ontario was represented by in-house counsel Steven Kresak, with support from David Doubilet and Tom Barlow of Fasken Martineau.