Arctic Infrastructure Partners, the company selected as the preferred proponent to design, build, finance, operate and maintain the Iqaluit International Airport Improvement Project in Nunavut, Canada, has completed the sale of bonds to finance the infrastructure project.

The C$140.98 million ($134.1 million) bond sale for Arctic Infrastructure Limited Partners will finance the airport in Iqaluit until the debt matures in June 2047, according to Standard & Poor's, which rated it last week. CIBC World Markets Inc., manager of the sale, is meeting with investors in coming weeks and may sell the bonds next month, according to local sources.

Last Friday, Sept. 13th, we discovered that Arctic Infrastructure LP priced the C$141.98-million offering of 34-year at 5.092%.

S&P rated the bonds A-, the seventh-highest on a scale of 12. The government will make payments to partially cover the cost of building the airport.

Arctic Infrastructure Partnership is formed by InfraRed Capital Partners Limited, Bouygues Building Canada Inc., Colas Canada Inc. and Winnipeg Airports Authority. Bouygues-Colas form the Design-Build joint venture and Winnipeg Airports Authority will provide the airport services.

The Iqaluit International Airport Improvement Project includes a new airport building; expanded aprons for planes to park; new lighting systems; an upgraded runway; and a new combined services building that will house the fire-fighting vehicles/support equipment and the heavy equipment that maintain the runways and aprons. The project is expected to be completed at the end of 2017.

The project is partially funded by PPP Canada Inc, a federal crown corporation.

A fairness advisor, Jane Shackell QC, was appointed to monitor the entire competitive selection process-including the evaluation of the RFQ responses-and found the evaluation to be fair and unbiased.