TORONTO, May 9, 2014 /CNW/ - Aecon 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,
Aecon, Kiewit and Keolis.
GrandLinq will be responsible for the design, build, finance,
operation and maintenance of the LRT system.
GrandLinq Contractors, a partnership between Aecon 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 Aecon'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, Aecon's President and
Chief Operating Officer.
Aecon Group Inc. is a Canadian leader in construction and
infrastructure development providing integrated turnkey services to
private and public sector clients. Aecon is pleased to be
consistently recognized as one of the Best Employers in
Canada.
The information in this press release includes certain
forward-looking statements. These "forward-looking" statements are
based on currently available competitive, financial and economic
data and operating plans but are subject to risks and
uncertainties. In addition to events beyond Aecon's control,
there are factors which could cause actual or future results,
performance or achievements to differ materially from those
expressed or inferred herein including, but not limited to: the
timing of projects, unanticipated costs and expenses, general
market and industry conditions and operational and reputational
risks, including Large Project Risk and Contractual Factors.
Readers are referred to the specific risk factors relating to and
affecting Aecon's business and operations as filed by Aecon
pursuant to applicable securities laws. Forward-looking
statements may include, without limitation, statements regarding
the operations, business, performance, prospects, strategies and
outlook for Aecon. Forward-looking statements, may in some
cases be identified by words such as "will," "plans," "believes,"
"expects," "anticipates," "estimates," "projects," "intends,"
"should" or the negative of these terms, or similar
expressions. Except as required by applicable securities
laws, forward-looking statements speak only as of the date on which
they are made and Aecon undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
SOURCE Aecon Group Inc.