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Overview

Bank of China contributes USD 23.5 million to LINK427 for the extension of Highway 427 in Ontario

Commitments (Constant USD, 2023)$25,006,970
Commitment Year•2017Country of Activity•CanadaDirect Recipient Country of Incorporation•CanadaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 10, 2017
Start (actual)
May 1, 2017
End (actual)
Sep 9, 2021

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Caisse Centrale Desjardins du Quebec
  • Manulife Financial Corporation
  • The Bank of Tokyo-Mitsubishi, Ltd. (BTM)

State-owned Banks

  • Korea Development Bank (KDB)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Link 427 General Partnership

Implementing agencies

Private Sector

  • ACS Infrastructure Canada Inc.
  • Brennan Infrastructures Inc.

Loan description

Bank of China contributes USD 23.5 million to LINK427 for the extension of Highway 427 in Ontario

Interest type•Unknown

Narrative

Full Description

Project narrative

On March 10, 2017, the Bank of China (BoC) provided USD 23.5 million in short-term financing to the Link 427 General Partnership (known also as LINK427), a special purpose vehicle that extended Highway 427 in Ontario by 6.6 kilometers. The terms of the loan are unknown. The total value of the short-term loan, provided by a syndicate four financial institutions including Bank of China, was USD 116.4 million. Manulife Financial also provided a USD 78.5 million long-term bond to finance the project. The short-term lending syndicate consisted of Tokyo-Mitsubishi UFJ, Federation Des Caisses Desjarding du Quebec, Korea Development Bank, and Bank of China. LINK427 consisted of ACS Infrastructure Canada Inc., Brennan Infrastructure Inc., Dragados Canada Inc., and Bot Infrastructure Ltd. The project was instituted by the Ministry of Transportation & Infrastructure Ontario. The Highway 427 Expansion project includes a new 6.6 kilometer extension from Highway 7 to Major Mackenzie Drive, a 4.0 kilometer road widening from Finch Avenue to Highway 7 and new median High Occupancy Toll (HOT) lanes in each direction.

Staff comments

1. The total cost of the project as well as the value of the loans is somewhat inconsistent across sources, but there is no conflicting information regarding the Bank of China loan.