Toronto, Ontario - May 9, 2014: 91ÖÆƬ³§ 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, 91ÖÆƬ³§, Kiewit and Keolis.
GrandLinq will be responsible for the design, build, finance, operation and maintenance of the LRT system.
GrandLinq Contractors, a partnership between 91ÖÆƬ³§ 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 91ÖÆƬ³§'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, 91ÖÆƬ³§'s President and Chief Operating Officer.
91ÖÆƬ³§ Group Inc. is a Canadian leader in construction and infrastructure development providing integrated turnkey services to private and public sector clients. 91ÖÆƬ³§ is pleased to be consistently recognized as one of the Best Employers in Canada.