SNC-Lavalin announces Rainbow Hospital Partnership’s successful debt refinancing

Rainbow Hospital Partnership (RHP) has completed an agreement with lenders to refinance its project debt for the Restigouche Hospital Centre for psychiatric care in New Brunswick. SNC-Lavalin holds a 100 per cent interest in RHP. 

The agreement refinances an aggregate principal amount of $122.9 million: $51.5 million in short-term bonds due in October 2014 and $71.4 million in long-term 30-year bonds, the operation term of the project. This project debt is non-recourse to SNC-Lavalin.

In 2011, RHP was awarded a public-private partnership contract by the province to design, build, commission, finance and provide certain operation and maintenance functions for the hospital.

The facility, being built by an SNC-Lavalin-led joint venture, will have 140 beds in seven in-patient units, and facilities for education and research, clinical support, administration and general support services. SNC-Lavalin will also provide operations and maintenance services for the hospital for 30 years.