The project owner of Highway 104 project in Nova Scotia, Dexter Nova Alliance GP (a consortium of BBGI 104 GP, Inc.(50%), Municipal 104 GP Limited (30%), and Nova 104 GP Limited (20%)) has issued bonds for financing the project. The package involves senior secured amortizing bonds of CAD 189.29 million (US$ 137.78 million) out of which CAD 113.7 million (US$ 82.76 million) is a medium-term bond and a CAD 75.55 million (US$ 54.99 million) is a long-term bond.
The consortium will construct a 38km four-lane divided highway corridor, beginning at the end of the existing divided highway near Exit 27 at Sutherlands River to the existing divided highway just west of the Addington Forks Interchange (Exit 31) at Antigonish. The concessionaire will operate and maintain the new highway, plus two existing segments of Highway 104 (9.3km of existing divided highway between East River Road New Glasgow and Exit 27, and the recently completed 16km Antigonish bypass) for twenty years following completion of construction. The consortium will receive availability payments in the operation phase of project for 20 years from the Government of Nova Scotia.
DNA Design Build Limited (JV of Dexter Construction Company Limited (60%) and Nova Construction Co. Ltd (40%)) will act as construction contractor for the project. DNA Operations limited (JV of Municipal Enterprises Limited (60%) and Nova Construction
Co. Ltd (40%)) will be responsible for the operations of the project.