On December 10, 2010, United Farmers of Alberta Co-operative Limited (“UFA”), entered into a credit agreement with Roynat Asset Finance, a division of Roynat Inc., as administration agent, and the lenders from time to time party thereto, establishing a $250 million secured revolving asset-based lending (ABL) credit facility and a $50 million secured term fixed asset-based credit facility. This transaction is understood to be the largest ABL credit facility provided by a syndicate led by a Canadian financial institution to date.
UFA used a portion of the net proceeds available under the new credit facility to retire its prior credit facility and secured notes.
UFA was represented by Bruce Nysetvold, General Counsel to UFA, and by Fraser Milner Casgrain LLP with a team consisting of Trevor Morawski, Bill Jenkins, Dennis Wiebe and Elizabeth Burton. Dan Egan and Warde Allan of Ballard Spahr LLP acted as US counsel to UFA with respect to matters related to its US subsidiary.
The lenders under the new credit facility were represented by Aird & Berlis LLP with a team that consisted of Robb English, Jill Fraser, Andrew Biderman and Deborah Holbrook. Catherine McKendry, John Lemieux and Meghan Rollins of Davis LLP acted as Alberta counsel to the lenders and Thomas Keable of Gross, Shuman, Brizdle & Gilfillan, P.C. acted as US counsel to the lenders with respect to matters in those jurisdictions.