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Conyers acted as special Bermuda counsel to Aecon Concessions, a division of Aecon Construction Group Inc. and wholly owned subsidiary of Aecon Group Inc. on Bermuda law issues relating to the commercial agreement and financing of the redevelopment of the L. F. Wade International Airport in Bermuda (the “Airport Project”). The Airport Project will be implemented under a framework agreement between the Government of Bermuda and the Canadian Commercial Corporation, a Crown corporation of the Government of Canada, and commercially involves a Public-Private Partnership (P3) business model.
Upon financial close, Bermuda Skyport Corporation Limited (“Skyport”), a local, special purpose company established under the laws of Bermuda and wholly owned by Aecon Concessions will carry out the airport’s operations, maintenance and commercial functions and coordinate the delivery of the Airport Project over a 30-year concession term. Financing raised on behalf of Skyport included a US$285 million fixed coupon US private placement, amortised over a 25-year term, and approximately US$70 million of shareholder equity to be contributed during the construction phase of the Airport Project.
David Cooke, Niel Jones, Christian Luthi, Francesca Fox, Stephanie Hanson, Jennifer Panchaud and William Cooper of the Conyers Bermuda office advised on the matter, alongside McCarthy Tétrault LLP for Aecon Concessions and Mayer Brown International LLP for the investors.
UBS Securities LLC and CIBC World Markets Corp. as placing agents.