Toronto, ON – December 19, 2011: Aecon Group Inc. (TSX:ARE) announced today its joint venture with Dufferin Construction Company, a division of Holcim (Canada) Inc., has reached commercial and financial close on the previously disclosed project for the Air Rail Link (ARL) “spur line” and passenger station at Toronto Pearson International Airport (Toronto Pearson). The project is valued at $128.6 million.
Financing for the project is provided by Canadian Imperial Bank of Commerce, Laurentian Bank of Canada, National Bank of Canada, and The Toronto-Dominion Bank. National Bank Financial has acted as Financial Advisor for the project. The ARL “spur line” project is being executed as a design-build-finance project under the Ontario government’s Alternative Financing and Procurement (AFP) program.
The joint venture, in which Aecon is a 50% partner, will design, build, and finance the three kilometer elevated guideway connecting the existing Georgetown GO Transit line to Toronto Pearson, as well as a passenger station at Terminal 1.
Aecon and Dufferin will commence construction in the spring of 2012, with completion of the ARL “spur line” and passenger station project scheduled for the summer of 2014.
“Aecon has been part of some of Ontario’s largest transportation projects including Highway 407, the Gardiner Expressway, the Queen Elizabeth Way and is now building a part of the Toronto Transit Commission’s subway system expansion. We look forward to continuing this history and working with Dufferin Construction, Infrastructure Ontario, Metrolinx and the Greater Toronto Airports Authority, to bring our infrastructure construction expertise to this pivotal transportation network,” said Teri McKibbon, Aecon’s Chief Operating Officer.
Both Metrolinx and Infrastructure Ontario are Crown corporations of the province of Ontario.
Aecon Group Inc. is one of Canada’s largest and most diverse construction and infrastructure development companies. Aecon and its subsidiaries provide services to private and public sector clients throughout Canada and on a selected basis internationally. Aecon is pleased to be recognized as one of the Best Employers in Canada.