Financing
Cobequid Pass was built as a public-private partnership that allowed the government to make an affordable financial contribution to build this much-needed highway.

The money borrowed from the private sector by the Highway 104 Western Alignment Corporation through Newcourt Credit Group is borrowed on the security of tolls.
 

HOW THE AGREEMENTS WORK

FUNDING

AMOUNT

PROVIDED BY

Senior Bond Issue

$51.0 million

CIT Group*

Junior Bond Issue

$9.9 million

CIT Group*

Subordinate Notes

$5.5 million

Province of Nova Scotia

Total Borrowed

$66.4 million

 

Equity

$1

Province of Nova Scotia

Interest Earning

Amount based on Interest rates

From all investments and banks accounts

Federal Funding

$27.5 million

Government of Canada

Provincial Funding

$27.5 million

Province of Nova Scotia

*CIT Group act as the Bondholder’s Representative.
The Bondholders currently consist of four Insurance Companies and Investment Firm

Notes:
1 Junior Bond Issue was retired September 30, 2007
2 Subordinate Notes were retired September 30, 1999

 

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Highway 104 Western Alignment Corporation