North American Palladium Ltd. (“NAP”), an established precious metals producer, closed a US$130 million senior secured term loan (the “Term Loan”) with Brook-field Capital Partners Ltd. (“Brookfield”), the private equity group of Brookfield Asset Management Inc. The Term Loan is secured by first priority security on fixed assets and second priority security on accounts receivable and inventory.
NAP used the proceeds from the Term Loan to, among other things, pay and satisfy, in full, NAP's existing $72 million senior secured notes.
Concurrently with entering into the Term Loan, NAP extended its US$60-million senior secured revolving credit facility (the “Operating Facility”) with The Bank of Nova Scotia (“BNS”) to July 4, 2014. The Operating Facility is secured by first priority security on accounts receivable and inventory and second priority security on fixed assets.
NAP was represented internally by Tess Lofsky, and was also represented by Stikeman Elliott LLP with a team that included Jennifer Legge and Andrew Grant (corporate/banking); and Simon Romano (corporate and securities) and Lanette Wilkinson (real estate).
Brookfield Capital Partners was represented by Gowling Lafleur Henderson LLP with a team that included Christopher Alam, Rachel Conway, Alex MacFarlane and Lisa MacDonnell (financial services) and Steven Willard (real estate).
BNS was represented by McMillan LLP with a team that included Kathy Martin, Andrew Kent, Wael Rostom, Andrea St. Bernard and Darcy Ammerman (financial services), and Matthew German (real estate).
NAP used the proceeds from the Term Loan to, among other things, pay and satisfy, in full, NAP's existing $72 million senior secured notes.
Concurrently with entering into the Term Loan, NAP extended its US$60-million senior secured revolving credit facility (the “Operating Facility”) with The Bank of Nova Scotia (“BNS”) to July 4, 2014. The Operating Facility is secured by first priority security on accounts receivable and inventory and second priority security on fixed assets.
NAP was represented internally by Tess Lofsky, and was also represented by Stikeman Elliott LLP with a team that included Jennifer Legge and Andrew Grant (corporate/banking); and Simon Romano (corporate and securities) and Lanette Wilkinson (real estate).
Brookfield Capital Partners was represented by Gowling Lafleur Henderson LLP with a team that included Christopher Alam, Rachel Conway, Alex MacFarlane and Lisa MacDonnell (financial services) and Steven Willard (real estate).
BNS was represented by McMillan LLP with a team that included Kathy Martin, Andrew Kent, Wael Rostom, Andrea St. Bernard and Darcy Ammerman (financial services), and Matthew German (real estate).
Lawyer(s)
Rachel C. Conway
Alex L. MacFarlane
Matthew German
Lanette Wilkinson
Kathy A. Martin
Andrew Grant
Darcy Ammerman
Andrew J.F. Kent
Simon A. Romano
Steven Willard
Christopher N. Alam
Jennifer G. Legge
Waël Rostom
Andrea St. Bernard
Lisa MacDonnell