CPE News (6.12.2023) – CDPQ has announced subscription of $75 million of the bonds issued by Groupe Nouveau Pont Île-Aux-Tourtes Inc., the consortium that won the tender launched by Québec’s Ministère des Transports et de la Mobilité durable for the design, construction and financing of the new Île-aux-Tourtes bridge.
In connection with the financing of this crucial link connecting the island of Montréal and the Vaudreuil-Soulanges region, the consortium obtained a $400-million bank loan in the form of a renewable credit facility and issued $380.15 million in senior secured bonds.
CDPQ, along with likely BCI ($190 million), and 4 other institutional investors from Ontario and Quebec participated in the senior secured bond offering. Scotia Capital Inc. and CIBC World Markets Inc. acted as underwriters of the bond offering which closed in April 2023.
Groupe Nouveau Pont Île-Aux-Tourtes consortium is comprised of Dragados Canada, Roxboro Excavation, and Construction Demathieu & Bard (CDB) Inc.
photo credit: Ministère des Transports et de la Mobilité durable, Gouvernement du Québec
News Release
CDPQ takes part in bond financing for new Île-aux-Tourtes bridge
MONTRÉAL, June 12, 2023 /CNW/ – CDPQ announced today that it has underwritten $75 million of the bonds issued by Groupe Nouveau Pont Île-Aux-Tourtes Inc., the consortium that won the tender launched by Québec’s Ministère des Transports et de la Mobilité durable for the design, construction and financing of the new Île-aux-Tourtes bridge.
“Financing the new Île-aux-Tourtes bridge is another opportunity for CDPQ to demonstrate its capacity to leverage various financial tools to support transformative projects in Greater Montréal and across Québec,” said Marc Cormier, Executive Vice-President and Head of Fixed Income at CDPQ. “We are delighted to participate in the financing of this essential infrastructure. Rebuilding the bridge will ensure the mobility of people and goods while favouring active and public transportation.”
In connection with the financing of this crucial link connecting the island of Montréal and the Vaudreuil-Soulanges region, the consortium obtained a $400-million bank loan in the form of a renewable credit facility and issued $380.2 million in senior secured bonds.
A new Québec infrastructure project in CDPQ’s portfolio
This project is the latest CDPQ investment in key Québec infrastructure projects over the years, including the REM, the A25 Concession, the Samuel De-Champlain Bridge and the Centre hospitalier de l’Université de Montréal (CHUM). CDPQ’s infrastructure investments also include various wind farms, including the Seigneurie de Beaupré, one of Canada’s largest wind farms, via its interests in Boralex and Énergir.
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SOURCE CDPQ