The successful financial close of the Canadian Highway 407 P3 project occurred on March 13, 2015.
The project specifically comprises Phase 2 of the eastern extension of the highway 407, a toll expressway that extends from Harmony Road in Oshawa to Highway 35/115 in Clarington. It will consist of eight interchanges and a 10km north-south section connecting Highway 407 to Highway 401. Construction will commence soon and is estimated to be completed by 2020.
The lenders for this project include Mizuho Bank, Royal Bank of Canada, Sumitomo Mitsui Banking Corporation and the Toronto-Dominion Bank.
In support of the successful Cintra and Holcim led consortium, Operis were pleased to undertake a full model audit which included a review of the model’s tax and accounting treatments.