Aecon Group Inc. announced that it has achieved commercial and financial close on the L.F. Wade International Airport Redevelopment Project in Bermuda (Bermuda Airport Project). The Bermuda Airport Project is being implemented under a framework agreement between the Government of Bermuda and the Canadian Commercial Corporation (CCC). Commercially, the project is being delivered under a Public-Private Partnership (P3) business model. Aecon, as the private sector partner, is responsible for the project’s development, financing and long-term operation and maintenance. Under the agreement, CCC will deliver a world-class new airport terminal and associated infrastructure under a fixed price, date guaranteed design and construction contract. CCC will fully subcontract the work to Aecon, a construction contract valued at $274 million. Construction of the new terminal will begin shortly and is scheduled to be completed in 40 months. The new works are being constructed on the airport property well removed from the existing terminal, allowing for uninterrupted operations of the existing terminal. In addition to its construction mandate, Aecon’s Concessions segment led the development and financing of the project. On financial close, Bermuda Skyport Corporation Limited (Skyport), a special purpose company formed and initially wholly-owned by Aecon Concessions, will take over the airport’s operations, maintenance and commercial functions, and manage and coordinate the overall delivery of the redevelopment project over a 30-year concession term. Financing for the project has been arranged by Aecon, and includes a $285 million fixed coupon US private placement, amortized over a 25-year term, and approximately $70 million of shareholder equity to be contributed in the latter part of construction. Advisors to Aecon on the project include UBS Investment Bank as financial advisor, McCarthy Tétrault as legal advisor and Mott MacDonald as the project’s technical and traffic advisor. Conyers acted as special Bermuda counsel to Aecon Concessions on Bermuda law issues relating to the commercial agreement and financing of the redevelopment of the L. F. Wade International Airport in Bermuda. 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.