|Date Announced:||June 25, 2014|
|Date Closed:||June 25, 2014|
|Deal Value:||$3,500,000,000 and $1,000,000,000|
|Client Name:||North West Redwater Partnership|
On June 25, 2014, North West Redwater Partnership entered into a four-year $3.5 billion syndicated credit facility with Canadian Imperial Bank of Commerce, JPMorgan Chase Bank, N.A., Toronto Branch, Royal Bank of Canada, certain other lenders, and Royal Bank of Canada, as agent. Funds from the credit facility will be used by North West Redwater Partnership to fund a portion of the costs of construction of its refinery, currently under construction in the Alberta Industrial Heartland Area. The refinery is targeted to have the capacity to process approximately 79,000 barrels per day of bitumen blend feedstock into approximately 80,000 barrels per day of refined products including ultra-low sulfur diesel and diluents.
On July 23, 2014, North West Redwater Partnership and NWR Financing Company Ltd., as co-issuers, issued $500 million of 3.20% Series A Senior Secured Bonds, due July 22, 2024 and $500 million of 4.05% Series B Senior Secured Bonds, due July 22, 2044 for aggregate gross proceeds of $1.0 billion.
The offering was made through a syndicate of agents co-led by CIBC World Markets Inc., J.P. Morgan Securities Canada Inc. and RBC Dominion Securities Inc. and including Barclays Capital Canada Inc, BMO Nesbitt Burns Inc., BNP Paribas (Canada) Securities Inc., Citigroup Global Markets Canada Inc., Merrill Lynch Canada Inc., RBS Capital Markets (Canada) Limited, Scotia Capital Inc., TD Securities Inc., AltaCorp Capital Inc., Desjardins Securities Inc., National Bank Financial Inc. and Casgrain & Company Limited.
North West Redwater Partnership was represented in Canada by Bennett Jones LLP with a team led by Darrell Peterson (corporate and securities) and Phil Backman (financial services), which included Kahlan Mills, Paul Barbeau, Matthew Olson, Tessa Guenther (corporate and securities), Pat Maguire, JP Pham (energy), Dave Lennox, Karen Dawson (financial services), Alan Rautenberg (tax) and Ron Barron (real estate).