The Alberta Schools Alternative Procurement II (ASAP II) project in Alberta, Canada, reached financial close on 15 April 2010. This follows the Build II Learn consortium which was named preferred bidder in March 2010.
The ASAP II project includes K-4, K-9, middle and high schools in the communities of Edmonton, Calgary, Sherwood Park, Spruce Grove, Okotoks and Langdon. The P3 schools are scheduled to open in September 2012 and the design-build high schools will be completed by January 2013. The government of Alberta will provide availability payments and the project involves a 30-year maintenance and rehabilitation agreement.
Senior debt of CAD$75 million was provided by Sumitomo Mitsui Banking Corporation and the Bank of Ireland.
The Build II Learn consortium, advised by Investec North America, comprises Gracorp Capital Advisors, Hochtief PPP Solutions North America, Graham Design Build Services, Bird Construction Company and Honeywell.
Operis was engaged to provide financial model auditing services and a full tax and accounting review on behalf of the lenders and sponsors at both the bid and financial close stages.