BBGI SICAV S.A. Completion of investment in PPP projects in Canada (1645S)
September 29 2017 - 2:02AM
UK Regulatory
TIDMBBGI
RNS Number : 1645S
BBGI SICAV S.A.
29 September 2017
29 September 2017
BBGI SICAV S.A.
Completion of investment in four PPP projects in Canada
BBGI SICAV S.A. (LSE ticker: BBGI), the international PPP
infrastructure investment company, is pleased to announce that it
has now completed its investment in four of the operational PPP
projects in Canada, as previously announced on 30 June 2017. All of
these assets, as described below, were developed by SNC-Lavalin
Group Inc. (TSX ticker: SNC) and are classified as
availability-based under the investment policy of the Company:
The William R. Bennett Bridge is a 2 km corridor that straddles
Okanagan Lake to connect two communities, Kelowna and West Kelowna,
in the interior of British Columbia. The project became operational
in 2008 and the concession runs until 2035. Availability payments
are received from the Province of BC (AAA rated by S&P). BBGI's
interest in the project is 80% of the project equity.
Canada Line is a 19.5 km automated rail-based rapid transit
service connecting downtown Vancouver with Richmond and the
Vancouver International Airport. The project became operational in
2009 and the concession runs until 2040. Availability payments are
received from Translink (Aa2 rated by Moody's). BBGI's interest in
the project is 26.6% of the project equity.
Southeast Stoney Trail is a 25 km highway that is part of the
Calgary Ring Road network. The project became operational in 2013
and the concession runs until 2043. Availability payments are
received from the Province of Alberta (A+ rated by S&P). BBGI's
interest in the project is 40% of the project equity.
Restigouche Hospital Centre is a 33,500 m(2) hospital with 140
beds located in Campbellton, New Brunswick. The project became
operational in 2013 and the concession runs until 2044.
Availability payments are received from the Province of New
Brunswick (A+ rated by S&P). BBGI's interest in the project is
80% of the project equity.
The transfer of a fifth asset, the McGill University Health
Centre, Glen site (Montreal, QC), is currently planned to take
place by the end of 2017, subject to the satisfaction of certain
closing conditions.
The cash consideration for the four project interests acquired
has been funded from the Company's existing cash resources and
drawings under its extended credit facility. The total cash
consideration for all five project interests is expected to amount
to approximately CA$189 million.
Following the acquisition of the four additional project
interests, BBGI owns a diversified global portfolio of 43
infrastructure assets spread across six AAA/AA-rated countries. All
these projects are availability-based PPP assets and are supported
by contracted, public sector-backed revenue streams, with
inflation-protection characteristics. In addition, the Company has
the benefit of a pipeline agreement with SNC-Lavalin which should
provide access to a robust pipeline of availability-based PPP
assets in Canada which are currently under construction.
Further information about BBGI is available on its website at
www.bb-gi.com.
Any reference to the Company or BBGI refers also to its
subsidiaries (where applicable).
For further information, please contact:
BBGI Management Team +352 263 479-1
Duncan Ball
Frank Schramm
This information is provided by RNS
The company news service from the London Stock Exchange
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