Financial Institutions

We help banks, financial institutions and borrowers navigate complex lending, financing and regulatory challenges with practical, multi-disciplinary legal solutions.
Key Contacts
Dawson KarenRasile Mark
Facade of bank

Overview

Banks today are facing the most difficult credit and monetary environment that has been seen for decades. As a result, banks are racing to come up with innovative approaches to traditional lending practices and borrowers are striving to understand and benefit from these changes. This challenging environment calls for a multi-disciplinary approach from lawyers with experience and reach who can work together to find a viable path for both lenders and borrowers.

The multi-faceted nature of banking law today calls for lawyers with the resources to handle just about any commercial financial transaction. Acting as counsel to domestic and foreign chartered banks, trust companies, merchant banks, provincial treasuries, commercial credit grantors, income fund companies, foreign lending institutions and major corporate borrowers, Bennett Jones offers clients a broad spectrum of legal and advisory services geared toward the changing needs and demands of the financial services industry.

,,This firm gets work done to the highest quality and on a timely basis. They address all potential aspects of issues at hand and help us as a client to get to the most optimal solutions and arrangements... Their main strengths are their level-headed, optimal approach to very complicated issues and finding the most beneficial and risk-averse solutions to the issues or processes.,,

What Clients Say

We routinely advise on the structuring and documentation of domestic and cross-border loan facilities. Our broad experience and expertise in this area ranges from large, syndicated cash-flow senior debt financings arranged by both domestic and foreign banks to mid-market asset based and senior and mezzanine commercial loan transactions. In recent years, our lawyers have been primary counsel, acting for lenders, sponsors and borrowers, on a number of the largest highly leveraged acquisitions in the Canadian market. We also have broad experience in project finance, public and private debt issues and restructurings.

Our complementary M&A, private equity, capital markets, tax and real estate expertise allow us to deliver to our clients the full spectrum of skills and experience necessary to ensure they are provided with thorough, knowledgeable and timely counsel for all aspects of their lending and other debt financing transactions.

,,The whole team is great to work with. They have a good understanding of business principles and what we are looking for as a client.,,

What Clients Say

Financial Institutions Regulation

We regularly advise Canadian and foreign financial institutions on the multitude of regulation that is relevant to them, including: 

  • The establishing, acquiring and divesting of federally and provincially regulated entities such as banks, trusts, insurance entities and credit unions; 
  • Consumer and commercial finance companies; 
  • Compliance and reputational risk; 
  • Money laundering and FinTrac; 
  • Privacy; 
  • Payment processing, including credit and debit cards and money transmission; 
  • Leasing and asset based lending; and 
  • The Financial Consumer Agency of Canada. 

In addition, we have extremely close relationships with a number of senior regulators including those at the Department of Finance and OSFI, FinTrac and the Financial Consumer Agency of Canada.

Client Work

BMO

as administrative agent and left lead arranger, and other joint lead arrangers and bookrunners, in connection with the US$3.0 billion+ financing of Advent International’s go-private acquisition through a plan of arrangement of Nuvei

Great Gulf Group

in its US$130-million bank facility arranged by Bank of Nova Scotia used to finance its acquisition of minority interests in a significant, US-based residential development business

RBC

in connection with the upsize and amendment and extension of the bilateral CAD$240 million revolving facility made available to Cameco

Wheels Pros

in its Chapter 11 DIP financing and US$745 million term and ABL exit financing

Xplore

to finance, in part, its emergence from a CBCA restructuring that involved the reduction of its debt by $1.2 billion

Waste Connections

in connection with a multicurrency revolving credit agreement with Bank of America, N.A., acting through its Canada Branch, as the global agent, and Bank of America, N.A., as the US agent

Ares Capital and Golub Capital

as joint lead arrangers in substantial amendments, including upsizing, made to the CAD$650 million syndicated credit facilities provided to People Corporation, a portfolio company of Goldman Sachs Merchant Banking

Canadian Natural Resources Limited

in respect of a C$4,000,000,000 term loan credit agreement between CNRL, as borrower, certain financial institutions, as lenders, and The Bank of Nova Scotia

Canadian Pacific Railway Company

in connection with substantial amendments to CPRC’s syndicated credit agreement with certain financial institutions, as lenders, and Bank of Montreal, as administrative agent, to address ...
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Hillcore Financial Corporation

in connection with the acquisition financing of the SITE Energy business by Hillcore

Hillcore Financial Corporation

in the financing of its acquisition of CEDA on June 18, 2024, which included: (i) a CAD$65 million revolving facility agented by CIBC; and (ii) a CAD$130 million term loan advanced by Stonebriar Commercial Finance Canada

Silver Point Finance

in connection with the refinancing of an asset-based lending credit facility and the redemption of outstanding notes issued by Source Energy Services

Stantec

with its $1.25-billion credit facilities to finance, in part, the successful acquisition of MWH Global, Inc. for approximately US$793 million

Stantec

in connection with the amendment and extension of its CAD$1.1 billion syndicated credit facility and new CAD$$100 million bilateral facility

Refinery

in connection with substantial amendments to the Refinery’s syndicated credit agreement with certain financial institutions, as lenders, and Royal Bank of Canada, as administrative agent

Wells Fargo

in its capacity as administrative agent on behalf of a syndicate of lenders providing a debtor-in-possession credit facility (“DIP Facility”) to the Teal-Jones Group to finance the ...
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Husky Midstream Limited Partnership

in its refinancing of a C$1,300,000,000 credit agreement related to expansion of pipeline and terminal network systems

Obsidian Energy

in the upsize and full amendment and restatement of its CAD$335 million reserved based syndicated credit facility agented by Royal Bank of Canada

Osisko Development and Barkerville Gold Mines

on a bridge facility to finance construction of the Cariboo Gold Project in British Columbia

SolGold

on the US$750 million Ontario-law financing by Franco-Nevada and Osisko Bermuda Limited of the Cascabel copper-gold project in Ecuador

Wellful

in the amendment and extension of its approximately US$850 million credit facilities in connection with an out-of-court, liability management transaction

Apex Capital Management

a prominent US growth equity manager, with its acquisition by Fiera Capital, a leading North American independent asset management firm, for US$145 million paid in cash and Class A subordinate voting shares of Fiera

Algonquin Power and Utilities

in its $1.15-billion offering of convertible debentures on an installment basis to partially finance its $3.4-billion acquisition of the Empire District Electric

Province of Alberta

multiple bond offerings in aggregate principal amount of approximately $6.6 billion in 2015

NorthWest Healthcare Properties REIT

the $50.0 million bought deal prospectus offering of 5.50% convertible unsecured subordinated debentures in October 2015
The agents with the $225-million green bond offering on security of the LEED Gold 47-storey TELUS Garden development in Downtown Vancouver

Salman Partners

with a $12.524 million bought deal offering of common shares of Vogogo

Noront Resources

with its acquisition of chromite properties in the Ring of Fire mineral region in northern Ontario from certain subsidiaries of Cliffs Natural Resources

North West Redwater Partnership and NWR Financing Company

issued $500 million of 2.10% Series C Senior Secured Bonds, due February 23, 2022 and $500 million of 3.70% Series D Senior Secured Bonds, due February 23, 2043 for aggregate gross proceeds of $1.0 billion

Samson Capital Advisors

with its acquisition by Fiera Capital, a leading North American independent asset management firm, for US$31.5 million

Repsol S.A.

with the proposed $15.1-billion acquisition of Talisman Energy

Duluth Metals

in the acquisition of its outstanding common shares by Antofagasta by way of a plan of arrangement for a total transaction value of approximately $104.6 million

TD Securities

with a $15,093,000 bought deal private placement of 12,900,000 flow-through common shares of Lake Shore Gold 

Parkland Fuel

with its private placement by way of offering memorandum of $200,000,000 aggregate principal amount of 6.0% Senior Notes, due 2022

ATCO

with the disposition of ATCO I-Tek and ATCO's Australian IT operations to affiliates of Wipro ("Wipro") for aggregate sale proceeds of approximately $210 million

ATCO

with the negotiation, structuring and other commercial matters relating to it entering into a strategic alliance with Wipro, including 10-year master service agreements

North West Redwater Partnership

with its $3.5-billion credit facility and $1.0-billion bond offering, the proceeds of which will contribute to the funding of the construction of North West's $8+ billion bitumen refinery in the Alberta Heartland

Northern Frontier

with its $27-million acquisition of Central Water & Equipment Services, a concurrent $21-million bought deal offering of common shares and warrants and the establishment of new senior credit facilities

Lone Pine Resources Canada and Lone Pine Resources

with a $400-million cross-border recapitalization and restructuring transaction pursuant to a plan of compromise and arrangement under the Companies' Creditors Arrangement Act (Canada) ...
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Ontario Teachers Pension Plan

with its sale of Nexcap Corporation to Element Financial Corporation

Drive Rental and various affiliates

with establishing credit facilities of up to $1,800,000 made available by HSBC Bank Canada

Catalyst Capital Group

with the acquisition of substantially all of the assets of Advantage-Rent-a-Car pursuant to a sale process under Section 363 of the US Bankruptcy Code

Management Minority Shareholders

with sale of majority interest in A&B Rail Services by Fulcrum Capital Partners

RBC and BMO

with the offering of $465 million of receivable-backed notes by CNH Capital Canada Receivables Trust

Xplornet Communications

with the completion of a private placement of $123 million of 13.0% unsecured notes due 2021 and $25 million of preference shares

RBC Dominion Securities and Scotia Capital

with the issuance of preferred shares by Pembina Pipeline Corporation for gross proceeds of $150 million

Province of Alberta

with the issuance of $500-million aggregate principal amount of series DE bonds

Province of Alberta

issuance of $750 million aggregate principal amount of series DD bonds–counsel to underwriters

Bel Air Investment Advisors and its affiliate Bel Air Securities

with its US$125-million acquisition by Fiera Capital 

MonCana Bank of Canada

with the sale of all of its issued and outstanding shares to Canadian First Financial Holdings

Metropolitan Life Global Funding I

with its US$500-million bond offering

KingSett Capital-led consortium

with H&R REIT's acquisition of Primaris Retail REIT pursuant to a Plan of Arrangement

Clarke

with the approval of an amendment to extend the maturity date from December 31, 2013 to December 31, 2018 at a special meeting of debenture holders of its 6.00% convertible unsecured subordinated debentures ($62.3 million outstanding)

ME Global BV

on its $450 million senior debt financing with a syndicate led by Mizuho

Argent Energy Trust

with its $100 million public offering of trust units to finance an acquisition of oil and gas assets

Recognitions

Chambers Canada

Banking & Finance
Capital Markets

Chambers Global

Banking & Finance
Capital Markets

Chambers Fintech Guide

Chambers Fintech
Litigation Support: Asset Tracing & Recovery

The Legal 500 Canada

Band 4, Banking and Finance: Transactional

Canadian Legal Lexpert Directory

Consistently Recommended, Banking & Financial Institutions (Calgary)
Repeatedly Recommended, Banking & Financial Institutions (Toronto)

IFLR 1000 Finance and Corporate

Ranked, Banking
Ranked, Banking Capital Markets
Ranked, Banking Mergers and Acquisitions
Ranked, Banking Project Finance
Ranked, Banking Restructuring and Insolvency

Karen J. Dawson

Partner  •   Co-Head of Banking & Secured Transactions Practice

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At the centre of market-shaping deals and high-stakes disputes, Bennett Jones delivers clarity, strategy and results. Our cross-border teams turn complexity into progress, always focused on what drives your success.

The Bennett Jones Story

At Bennett Jones, legal solutions are our starting point. What drives us forward is knowing our clients inside and out—their ambitions, obstacles and success metrics.

For more than a century, we have shaped outcomes that matter in business, in law and in the broader Canadian landscape. And our commitment extends beyond legal matters: we invest deeply in the communities in which we live and work.