On November 23, 2018, South Coast British Columbia Transportation Authority (“TransLink”) issued $400 million of 3.25% green bonds due November 23, 2028. This represented TransLink’s first green bond since establishing its direct borrowing capital platform in 2010, and the first transit agency in Canada to issue a green bond.
TransLink is the regional public transportation authority responsible for public transit in the Greater Vancouver regional transportation system including major road networks, bus transportation systems, rail transportation systems and ferries. Farris acted for TransLink in respect of the green bonds and in establishing its direct borrowing platform in order to fund the capital expenditures required for the fast growing Greater Vancouver area.
The proceeds of the green bond offering will be used to fund TransLink’s eligible capital projects that provide environmental benefits and support the achievement of environmental and climate goals. Eligible capital projects include clean transportation, renewable energy, energy efficiency, pollution prevention and control, green buildings and climate change adaptation.
Farris, Vaughan, Wills & Murphy LLP, led by partner David Selley, acted for TransLink. Cassels Brock & Blackwell LLP, led by partner John Christian, acted for the syndicate of dealers, with RBC Dominion Securities and TD Bank acting as joint lead managers of the syndicate.