SJHC Project Reaches Financial Close 

 

March 11, 2011

On March 11, 2011, St. Joseph's Health Care, London (SJHC) and Infrastructure Ontario reached Financial Close with Integrated Team Solutions (ITS) to design, build, finance and maintain two new mental health care facilities in London and St. Thomas.

Financing for the SJHC project comprises short-term financing provided by The Bank of Nova Scotia, who is also acting as Administrative Agent, Credit Agricole Corporate and Investment Bank, The Toronto-Dominion Bank, Canadian Imperial Bank of Commerce and National Bank of Canada, and long term senior secured bonds issued by Integrated Team Solutions SJHC Partnership, which bonds were underwritten by Scotia Capital Inc. and National Bank Financial Inc. The ITS team for this project includes Fengate Capital Management, OE Infrastructure Fund L.P., TCPP Infrastructure Fund L.P., LPF Infrastructure Fund and EllisDon Inc., together with EllisDon Corporation providing construction services and Honeywell Limited as service provider.

The new St. Joseph's Regional Mental Health Care London facility will be constructed adjacent to Parkwood Hospital in London and will have a total building area of 437,391 sq. ft. and capacity for 168 beds. Its programs will accommodate inpatient and outpatient services for adolescent psychiatry, assessment, dual diagnosis, geriatric psychiatry, mood and anxiety disorders and psychosis.

The new St. Joseph's Regional Mental Health Care St. Thomas facility will be a forensic mental health-care facility with a total building area of 217,635 and 89 patient bedded rooms. The facility will provide specialized inpatient and outpatient services, including assessment, treatment, outreach and support services to individuals with a mental illness who have come into contact with the criminal justice system.

ITS will receive annual payments from SJHC over a 30-year period. These payments encompass design, construction, project financing, life-cycle repair and renewal, and building maintenance for the two facilities. The total value of the payments to ITS spread over 30 years is approximately $1.1 billion.

ITS was represented by McMillan LLP with a team that included Chris Bennett, Tim Murphy, Catherine Doyle, Michael Burns, Peter Willis, Rob Scavone, Shahen Mirakian, Valerie Garcia, Puja Varma and Julie Han.