LISTING: TORONTO STOCK EXCHANGE
TORONTO, April 27 /CNW/ - Bird Construction Income Fund ("Fund")
announced that Bird GTAYC Inc., a special purpose entity owned indirectly by
the Fund, has achieved financial close on the youth justice facility Brampton
project. This $93 million build-finance project is being constructed for
Infrastructure Ontario ("IO") as agent for the Province of Ontario. Work on
site is underway. The project is scheduled to be completed in the second
quarter of 2009.
Bird GTAYC Inc. was established for the purpose of building this project
as well as securing interim construction financing. Payment for the work is
due from IO immediately following substantial completion. Bird GTAYC Inc. has
arranged debt financing from a lending group led by CIT Group Securities
(Canada) Inc. to fund monthly construction draws prior to substantial
completion. In the event of default, the lending group has no recourse against
the Fund or any of its subsidiaries or partnership, other than Bird GTAYC Inc.
This press release contains forward-looking statements that involve a
number of risks and uncertainties because they relate to events and depend on
circumstances that will occur in the future. Many factors could cause actual
results and developments to differ materially from those expressed or implied
by these forward-looking statements.
The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this release.
For further information:
For further information: P.A. Charette, Chairman and C.E.O., Bird
Construction Company Limited, as Administrator of Bird Construction Income
Fund, 5405 Eglinton Avenue West, Suite 206, Toronto, Ontario, M9C 5K6, Phone:
(4l6) 620-7122, Fax: (416)620-1516