Ontario Construction News staff writer
The Hospital for Sick Children in Toronto has closed a $100 million offering of Series C Senior Unsecured Debentures. Net proceeds will be used to finance a portion of the costs of Project Horizon, a multi-year project to transform SickKids’ infrastructure landscape.
Phase one is the completion of the new Patient Support Centre (PSC) this year – and for SickKids’ general purposes.
“Our vision for precision child health is critically dependent on the renewal of our dated facilities. We need more technologically advanced and purpose-built spaces to support our talented clinicians and staff in the delivery of world-class care – and to ensure our patients and families have a seamless experience,” Dr. Ronald Cohn, the hospital’s president and CEOpresident and CEO, said in a statement. “These key investments are helping us to ensure we remain one of the world’s best pediatric research hospitals, and that we can realize our mission to individualize child and youth care in a hospital of the future.”
The 4.49 per cent 40-year debentures will mature on Dec. 8, 2063.
Construction will transform the clinical care and support areas of the hospital. The first phase of the project has just been completed with the opening of the new PSC on Elizabeth St. to facilitate renovations and relocations needed to clear space on the campus to build a new hospital (comprised of the Peter Gilgan Family Patient Care Tower and an outpatient tower) on University Ave.
CIBC Capital Markets acted as Financial Advisor and Sole Bookrunner on the offering. The offering was co-led by CIBC Capital Markets and RBC Capital Markets.