Arctic Glacier Income Fund Completes US$255M Refinancing

On February 11, 2010, Arctic Glacier Income Fund – a leading producer, marketer and distributor of high-quality packaged ice to consumers in Canada and the United States – closed a US$185 million second lien fixed-term secured loan with certain subordinated lenders and a US$70 million amendment and restatement of its existing revolving-term credit facilities with The Toronto-Dominion Bank, The Bank of Nova Scotia and Roynat Inc.

Arctic Glacier was represented on these transactions by its Canadian counsel, Aikins, MacAulay & Thorvaldson LLP, with a team led by Hugh Adams and including Dale Melanson, Maria Reimer, Robert Fleischaker and Justin Zarnowski and by its US counsel, Jones Day, with a team led by Michael Weinberg and including Steven Stennett, William Herzberger, Caroline Williams and Mark Robinson.

Torys LLP acted for the subordinated lenders, with a team led by Amanda Balasubramanian and including Adam Delean, Nadine Rockman Katz, Amanda Kieswetter, Darien Leung, Ashley Nicol, Craig Pell and Gavin Scotti.

Concurrent with the closing of the term loan, Arctic Glacier signed a US$70 million amended and restated loan agreement with The Toronto-Dominion Bank, The Bank of Nova Scotia and Roynat Inc. The syndicate of lenders was represented by Goodmans LLP, with a team led by David Wiseman and including Jay Feldman, Susan Zimmerman, Elisabeth Cleghorn and Jonathan Freeman and by its US counsel, Condon Thornton Sladek Harrell LLP, with a team led by Michael Rist and including Charles Jacaman.