Banking

Fulfilling your banking and financing needs in the global economy can be challenging. You need a legal partner who understands the complexity of lending and financing in Canadian and cross-border transactions.

We find business-focused solutions to help you structure a lending transaction, or negotiate governmental, corporate, commercial or project financings.

Clients depend on us for corporate and commercial loans, bilateral and syndicated loans, securitizations, structured finance, derivatives, and leasing arrangements to help move their businesses to the next level across the country and around the world. We can also:

  • address insolvency matters for creditors, borrowers, receivers, trustees in bankruptcy, and monitors
  • establish electronic banking and e-commerce electronic banking, payments, debit and credit card products, and financial instruments
As Canada’s law firm, we pride ourselves in advising all of the nation’s largest banks as well as U.S. and other foreign financial institutions, and Canadian and foreign borrowers. We serve many other leading financial institutions including Schedule I, II and III banks, insurance companies, credit unions, pension and other funds.
Banks, trust companies, private and public funds, and credit unions count on our guidance for all regulatory matters – including forming and establishing entities in Canada.

Experience

  • Bank of Montreal (BMO), as agent, in the C$1.1 billion acquisition of Alterra Power Corp. by Innergex Renewable Energy Inc. The credit facilities extended to Innergex Renewable Energy Inc. by a syndicate of lenders lead by BMO as agent were increased to $700 million. In a parallel transaction, the borrower was extended a $150 million subordinated loan from Caisse de Dépôt et Placement du Québec, which financing is subject to inter-creditor arrangements with senior lenders (lead by BMO).
  • The Toronto-Dominion Bank as the administrative agent and the lenders in the syndicated credit facilities of Bell Canada.
  • The Bank of Nova Scotia, as administrative agent, sole bookrunner and co-lead arranger in the senior secured credit facilities of $800 million to Cineplex Entertainment Limited Partnership and Cineplex Inc., comprised of a $150 million seven-year senior secured non-revolving term credit facility and a $650 million five-year senior secured revolving credit facility.
  • Ares Capital Corporation, as administrative agent, joint-lead arranger and lender in the financing to TPG Capital, L.P, the private equity platform of global alternative asset firm TPG, in its acquisition of Entertainment Partners, the leading global end-to-end provider of production workforce management and automated production software and services to the entertainment industry.
  • Ares Capital Corporation, as administrative agent, lead arranger and lender in the financing to Warburg Pincus, a leading global private equity firm, in its acquisition of Labstat International ULC, a leading third-party testing company.
  • RFA Capital Partners Inc. and RFA CMBS Limited Partnership as the purchaser of “eligible horizontal residual interests” from Real Estate Asset Liquidity Trust, a CMBS conduit of Royal Bank of Canada. These commercial mortgage-backed securitizations were the first three Canadian CMBS deals completed in compliance with the U.S. Risk Retention Rules under Dodd Frank: (i) Commercial Mortgage Pass-Through Certificates Series 2017 of approximately $377 million, (ii) Commercial Mortgage Pass-Through Certificates Series 2018-1 of approximately $327 million and (iii) Commercial Mortgage Pass-Through Certificates Series 2019-1 of approximately $416 million.
  • The Bank of Nova Scotia, as lead arranger and bookrunner in a senior secured credit facility to Recipe Unlimited Corporation, Canada’s oldest and largest full-service restaurant company, of $550 million. The credit facility was comprised of a $150 million three-year revolving term credit and a $400 million five-year revolving term credit (with an accordion feature, which, on certain conditions, could increase the aggregate amount of either revolving term credit by up to $250 million). We also represented Scotia Capital Inc., as lead private placement agent, in the contemporaneous private placement by Recipe Unlimited Corporation of $250 million 10-year senior secured first lien notes due 2029, which notes rank pari-passu in right of payment with the bank lenders under Recipe’s credit agreement.
  • A major Canadian Schedule I Bank, as agent, and a syndicate of lenders in negotiating a commitment to provide financing at the target level in the $525 million management buyout and go-private transaction of a Canadian public company with international operations.
  • The Government of Canada regarding the guarantee of $2 billion syndicated loan to Trans Mountain Pipeline to enable its inter-provincial expansion. We also provided legal representation to support the purchase.
  • Finning International Inc. in the increase of their credit facility from $1 billion to $1.3 billion, with an increase of the accordion feature from $200 million to $500 million. If the accordion is drawn upon, the total facility amount would be $1.8 billion.
  • A syndicate of lenders, including Sun Life Financial, in a loan provided to Mesirow Financial to fund the acquisition of three casinos in British Columbia. We acted for the lenders on all of the Canadian aspects of the transaction.
  • Capital Power regarding a Medium Term Note Offering – shelf prospectus – up to $2 billion.

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