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Crosslinx Transit Solutions General Partnership has reached financial close on the Eglinton Crosstown Light Rail Transit (LRT) project in Toronto, Ontario, Canada.
The Crosslinx Transit Solution group is a mix of Canadian and international partners, including SNC-Lavalin, ACS Infrastructure Canada, EllisDon, Aecon, Dragrados Canada, and IBI Group. The team will issue CAD$565.3 million of senior secured amortizing bonds due in September 2046 and CAD$166.6 million of senior secured bullet bonds due in June 2051, to finance the project. Moody's Investors Service has assigned a definitive Baa2 rating to the Crosslinx Transit Solutions senior secured bonds.
The team will provide the design, build, financing and 30-year maintenance and rehabilitation of the Eglinton Crosstown. Infrastructure Ontario is managing the procurement of the Crosstown's integrated system and Metrolinx, the Province of Ontario's regional transportation agency for the Greater Toronto and Hamilton area (GTHA), will oversee detailed design and construction.
The 19-kilometre light rail line will travel across Eglinton Avenue between Mount Dennis Station in Toronto's west end and Kennedy Station in the city's east end. It will include 15 new underground LRT stations and 10 at-grade stops that link commuters to bus routes, connections to three subway stations and various GO Transit lines. In addition, more than 10 kilometres of the system will run underground between Mount Dennis and east of Laird Drive.
The Eglinton Crosstown LTR, which is part of Metrolinx's regional transportation plan to reduce congestion, represents an approximate CAD$5.3 billion (US$4.06 billion) transit improvement investment.
Ian L. Edwards, Executive Vice- President, Infrastructure, SNC-Lavalin, stated:
"We are pleased to have been awarded this project to deliver the Eglinton Crosstown, a signature LRT system that will benefit Torontonians for decades to come. Our capabilities to execute LRT projects of this magnitude, as well as our ability to provide a fully integrated, value-added package that encompasses the whole life-cycle from end-to-end, are unmatched in this industry."
Robert G. Card, President and Chief Executive Officer, SNC-Lavalin, added:
"I am proud that we will have the opportunity to contribute our significant expertise in the LRT sector and deliver a vital, sustainable and affordable rapid transit solution that will improve traffic congestion along one of Metro Toronto's key arteries and enhance the quality of life in the surrounding communities. Once operational, the Eglinton Crosstown will offer commuters a wide range of economic and environmental benefits in addition to travel options and time savings."
Throughout this month we have reported on several rail PPP projects globally: