SNC-Lavalin announced last week that Rainbow Hospital Partnership has successfully completed an agreement with lenders to refinance its project debt for the Restigouche Hospital Centre for psychiatric care in New Brunswick. SNC Lavalin owns 100 % of the project.

The agreement refinances an aggregate principal amount of $122.9 million, composed of:

• $51.5 million of short-term bonds due in October 2014, and
• $71.4 million in long-term 30-year bonds, the operation term of the project.

This refinances consists on a long-term 30-year bonds, the operation term of the project. This project debt is non-recourse to SNC-Lavalin. SNC-Lavalin will also provide operations and maintenance services for the hospital for a total of 30 years.

On October 17, 2011, SNC-Lavalin was awarded a public-private partnership contract by the province to design, build, commission, finance and provide certain operation and maintenance functions for the hospital.

The facility, being built by will be built by a SNC-Lavalin construction-led joint venture with a wholly owned subsidiary of Bird Construction, will have 140 beds in seven in-patient units, and facilities for education and research, clinical support, administration and general support services.

Source: SNC Lavalin