Concert Infrastructure Fund Refinances Alberta Schools Alternative Procurement II Project
October 17, 2018, Vancouver, BC – The Concert Infrastructure Fund (‘Concert Infrastructure’) is pleased to announce it has successfully refinanced the Alberta Schools Alternative Procurement II (‘ASAP II’) project.
Concert Infrastructure acquired its 100% interest in the ASAP II project and B2L Partnership in November 2013. The ASAP II project scope included the design, construction, financing and maintenance of 10 Alberta schools located throughout Edmonton, Calgary, as well as in Langdon and Okotoks. B2L Partnership was awarded the $253 million ASAP II project in 2010 by Alberta Infrastructure and the schools have been in operation since 2012, with the 30-year concession period running through to 2042.
B2L Partnership initially financed the project with a senior long-term credit facility through Sumitomo Mitsui Banking Corporation, the Bank of Ireland and ATB financial. The initial financing included both a short and long-term bank facility totaling approximately $92 million. The financing has now been replaced by a private placement bond financing with The Manufacturers Life Insurance Company and Manulife Canadian Private Debt Fund (‘Manulife’).
“The successful refinancing is supported by a well-structured and well-performing operational project and Concert Infrastructure’s experience as an effective manager of Canadian P3 assets,” says Derron Bain, Senior Vice President. “The transaction further demonstrates Concert Infrastructure’s long-term commitment to its investment portfolio and our effective management of Canadian infrastructure assets on behalf of its pension plan unitholders.”
Concert Infrastructure continues to work with the Government of Alberta to ensure these schools continue to provide an environment for children to learn and grow, while at the same time meeting the needs of a growing population. The school infrastructure project has supported the province’s commitment to build Alberta’s economic future and invest in families and fast-growing communities. Ownership of all schools remains with local school boards.
About Concert Infrastructure
Concert Infrastructure is an independent, long-term investor, developer and manager of public infrastructure, and has been successful in forming strong strategic partnerships and securing solid investment opportunities for its pension plan unitholders. Concert Infrastructure approaches each project with the intention of remaining a partner for the duration of the project, valuing long-term, stable returns for our ten Canadian union and management pension fund shareholders.
Derron Bain, Senior Vice President