Federated Co-operatives Limited (“Federated”) entered into a new $500 million revolving credit agreement pursuant to which credit facilities were made available to Federated by a syndicate of lenders, including Bank of Montreal, Alberta Treasury Branches, The Bank of Nova Scotia, HSBC Bank Canada, Concentra Financial Services Association, Farm Credit Canada and Canadian Western Bank, with Bank of Montreal as administrative and syndication agent, sole lead arranger and sole bookrunner. The proceeds of the credit facilities are to be used by Federated for general business purposes, including to pay a portion of the costs in connection with the $1.9 billion expansion of its Regina refinery, scheduled for overall completion in 2012.
Federated is a multi-faceted organization that is owned by 240 member-owned retail co-ops located throughout Western Canada. Federated provides central wholesaling, manufacturing, marketing and administrative services to its member-owners. The Government of Canada's list of the ‘Top 50 Non-Financial Co-operatives in Canada' ranked Federated at number one in 2010 with total revenue over $7 billion and assets over $4 billion.
Federated was represented by its Legal Affairs Director, Sheldon Stener, and assisted by external Saskatchewan counsel, Terry Kimpinski, of Leland Kimpinski LLP.
Fraser Milner Casgrain LLP represented the lenders and the administrative agent, with a team including Joe Palin and Colin Yeo.