LISTING: TORONTO STOCK EXCHANGE SYMBOL: BDT.UN
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.
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adequacy or accuracy of this release.