Financial close achieved on Waterloo Region Light Rail Transit project
TORONTO, May 9, 2014 /CNW/ - Aecon Group Inc. (TSX: ARE) advised today that the GrandLinq consortium and the Region of Waterloo have achieved financial close on the previously disclosed ION Stage 1 Light Rail Transit (LRT) project. The GrandLinq consortium is comprised of: Plenary Group, Meridiam, Aecon, Kiewit and Keolis.
GrandLinq will be responsible for the design, build, finance, operation and maintenance of the LRT system.
GrandLinq Contractors, a partnership between Aecon and Kiewit, will perform the design and construction portion of the project. Work is anticipated to commence in the second quarter of 2014 and is scheduled for completion in 2017. As previously disclosed, the value of Aecon's portion of the construction contract is expected to be approximately $250 million.
Financing for the project was arranged by Alberta Treasury Branches as Lender and CIBC World Markets Inc., as Senior Bond Underwriter.
"We are pleased to work with our partners to deliver this significant transportation project for the Region," said Teri McKibbon, Aecon's President and Chief Operating Officer.
Aecon Group Inc. is a Canadian leader in construction and infrastructure development providing integrated turnkey services to private and public sector clients. Aecon is pleased to be consistently recognized as one of the Best Employers in Canada.
The information in this press release includes certain forward-looking statements. These "forward-looking" statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. In addition to events beyond Aecon's control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein including, but not limited to: the timing of projects, unanticipated costs and expenses, general market and industry conditions and operational and reputational risks, including Large Project Risk and Contractual Factors. Readers are referred to the specific risk factors relating to and affecting Aecon's business and operations as filed by Aecon pursuant to applicable securities laws. Forward-looking statements may include, without limitation, statements regarding the operations, business, performance, prospects, strategies and outlook for Aecon. Forward-looking statements, may in some cases be identified by words such as "will," "plans," "believes," "expects," "anticipates," "estimates," "projects," "intends," "should" or the negative of these terms, or similar expressions. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Aecon Group Inc.For further information: Vince Borg, Senior Vice President, Corporate Affairs, Aecon Group Inc., 416-297-2615, email@example.com, www.aecon.com