Infrastructure Lending Affordable financing in support of infrastructure renewal. Partnering to modernize Ontario s public assets 1
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1 Infrastructure Lending Affordable financing in support of infrastructure renewal Partnering to modernize Ontario s public assets 1
2 Infrastructure Ontario (IO) Agency of the Ontario government responsible for building, managing, financing, and enhancing the value of Ontario public assets Provides a range of services that support the Ontario government s initiatives to modernize and maximize the value of public infrastructure and realty Upholds Ontario s commitment to renew public services, in partnership with the private sector Partnering to modernize Ontario s public assets 2
3 Providing municipalities access to capital markets CAPITAL MARKETS Short /Long-Term Money Capital Market Bonds $$$ Eligible Borrowing Pool (Municipalities, non-profit long-term care, universities etc.) Partnering to modernize Ontario s public assets 3
4 Loan Program timeline Since 2003, the government has broadened the Loan Program several times to include other broader public sector groups The government sets the policy for all sectors; IO administers the Loan Program on behalf of the government 2003 OMEIFA is established 2004 OSIFA is established 2004 Loan Program expanded: municipal social housing and long-term care homes 2006 IO and OSIFA merged 2006 Loan Program expanded: municipal corporations, non-profit long-term care homes and hospices 2008 Loan Program expanded: non-profit arts training institutes and Local Services Board's 2011 IO & ORC merged March July 2011 Infrastructure Ontario (IO) is incorporated 2005 Loan Program expanded: municipal culture, tourism and recreation 2005 Loan Program expanded: universities 2008 Loan Program expanded: non-profit social, affordable and supportive housing providers 2011 Loan Program expanded: community health and social services hubs aboriginal health access centres non-profit sports and recreation organizations Partnering to modernize Ontario s public assets 4
5 Eligible applicants The following broader public sector organizations are eligible for Loan Program financing: Municipalities Municipal corporations (electricity distribution, power generation, transit) Universities and affiliated colleges Local services boards Housing providers (social, affordable, co-operative, supportive) Long-term care homes (non-profit) Other not-for-profit organizations such as aboriginal health access centres, community health and social service hubs, hospices, professional arts training facilities, and sports and recreation organizations Partnering to modernize Ontario s public assets 5
6 Eligible projects Most depreciable capital expenditures are eligible for affordable, long-term financing, including: New construction, renovations and retrofits Water, wastewater and waste management Roads, bridges and public transportation Housing, hospice and long-term care projects Ambulances, fire trucks, transit vehicles, snow ploughs, garbage trucks and other rolling stock Accessibility and energy efficiency projects Local police, fire, Admin and recreation facilities Equipment, systems and asset management tools Land and facility acquisition Partnering to modernize Ontario s public assets 6
7 Loan Program portfolio IO has advanced over $8.3 billion in affordable long-term financing to public sector clients throughout Ontario Represents 381 clients and 2,351 infrastructure renewal projects with a total project value of more than $14.7 billion Municipalities, municipal corporations, and housing providers about 90% of the loan volume (by value) As of March 31, 2017 Partnering to modernize Ontario s public assets 7
8 Flexible terms and affordable rates Offered in both a short-term flexible (construction) rate and long-term fixed rate terms up to 30 years Extra long terms are typically not available from traditional lenders or capital markets Terms are designed to match useful life of the asset Rates are the same for all borrowers, within each client sector No additional fees and no need to renegotiate Borrowing pool aggregates the infrastructure needs of many borrowers, from unrated to AAA Ready to build, or already building? Our construction financing is the most affordable way to manage your short-term cash needs Two kinds of long-term rates Serial and Amortizer Partnering to modernize Ontario s public assets 8
9 Loan process Marketing Education, awareness and outreach Customer Relations Education, business case review, facilitator Underwriting Business case review, loan structuring, Term Sheet Loan Approval Financial Transactions Committee (FTC) Legal Financing Agreement and security documents Loan Operations All documentation, flow of short and long-term funds Treasury Raises the funds Partnering to modernize Ontario s public assets 9
10 Infrastructure funding strategies There are two fundamental ways that the broader public sector can fund infrastructure: Loan financing Full cost Pay as you go Partnering to modernize Ontario s public assets 10
11 Funding strategies: loan financing Assuming manageable debt Current and future tax-payers share the benefits over the life of the asset Projects financed over extended periods of time Match finance term to asset life (5 to 40 years) User fees Development charges Apply for senior government assistance when it is available Partnering to modernize Ontario s public assets 11
12 Funding strategies: pay as you go The traditional approach to building and renewing infrastructure Can only undertake projects that are fully-funded using finite sources: Reserves Development charges Tax increases Apply for senior government assistance when it is available Partnering to modernize Ontario s public assets 12
13 Funding considerations Cost of deferring the project Rise in operations and maintenance costs Lost opportunity costs May limit the opportunity for growth Will population or industrial growth be limited without the new infrastructure? Project financing Time to raise or save the required capital Ability and cost of servicing loans Impact of construction cost increases Uncertain economic conditions Partnering to modernize Ontario s public assets 13
14 Loan Program summary Rates are the same for all borrowers, within each sector All capital expenditures are eligible Hassle-free access to capital markets No need to be rated, no minimum / no maximum Affordable all-in blended rates No additional transaction fees or commissions Longer terms than generally available elsewhere One month construction loans and 5 to 30 year take-out financing Online application Dedicated knowledgeable staff Partnering to modernize Ontario s public assets 14
15 Indicative Lending Rates as of 24/11/2017 Long Term Care Indicative Lending Rates Indicative Lending Rates as of November 24 th, 2017 Term Construction Serial Amortizer 1 Month 1.90% Year % 2.37% 10 Year % 2.76% 15 Year % 3.02% 20 Year % 3.19% 25 Year % 3.30% 30 Year % 3.37% Partnering to modernize Ontario s public assets 15
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