North West Redwater Partnership completes $1.2B issuance of bonds

North West Redwater Partnership closed on the issuance of an additional $1.2 billion in senior secured bonds as part of its anticipated $8.5-billion capital cost program to construct and operate a merchant upgrader/refinery in Alberta.

The bonds were successfully sold in Canada only and are composed of a three-tranche offering of $200-million 4.75-per-cent Series G Secured Bonds due June 1, 2037, $500 million 4.15 per cent Series H Secured Bonds due June 1, 2033 and $500 million 4.35 per cent Series I Secured Bonds due January 10, 2039.

Bennett Jones LLP was counsel to North West Redwater Partnership. The Bennett Jones team was led by Darrell Peterson and included Phil Backman, Tessa Guenther and Kris Simard.

Blake, Cassels & Graydon LLP represented the Agents (BMO Nesbitt Burns Inc., CIBC World Markets Inc., TD Securities Inc., J.P. Morgan Securities Canada Inc., RBC Dominion Securities Inc., Scotia Capital Inc., Merrill Lynch Canada Inc., Barclays Capital Canada Inc., Citigroup Global Markets Canada Inc., BNP Paribas (Canada) Securities Inc., National Bank Financial Inc., AltaCorp Capital Inc., Desjardins Securities Inc. and Casgrain & Company Ltd.). The Blakes team consisted of Tim Andison, Gordon McKenna, Charles McRoberts and Joe Zed.

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