Saskatchewan Wheat Pool Completes Financial Restructuring

Saskatchewan Wheat Pool announced in early May the completion of its informal financial restructuring. The arrangements included new credit facilities of $557.5 million, a $325 million securitization program, and security arrangements for its member loan program and $300 million of outstanding notes.

Torys and McMillan Binch were lead counsel to the Wheat Pool and to the banking group, respectively. The Torys team was led by Tony DeMarinis (corporate restructuring) and Peter Birkness (corporate lending) and included GuyLaine Charles and Michael Feldman (securitization), James Feehely and Marc Lavigne (restructuring), Amanda Chester and Jennifer Friesen (corporate lending), Matt Cockburn and Jonathan Weisstub (corporate), Dennis Mahony (environmental), Kathy Christie (real estate) and John Unger (tax). Acting as provincial counsel for the Wheat Pool were Rick Van Beselaere and Ray Dean of Balfour Moss, Douglas Ballou of MacPherson Leslie & Tyerman, John Braun of Aikins, MacAulay & Thorvaldson, Neil Gower of Hendrickson Gower Massing Olivieri, and Paul Bradley of Lawson Lundell Lawson & McIntosh. Financial advisors to the company were Zolfo Cooper, with a team including Michael France, Lyle Potash and Dalton Edgecomb. The McMillan Binch team was led by Andrew J.F. Kent (corporate restructuring) and Vickie Wong (corporate financial services) and included Marlin Horst, Don Waters, David Taylor and Paula Bokser (corporate financial services), David Slan and Andrea Onn (real estate), and Peter Milligan (securitization). Norm McPhedran and Tim Nakaska of PricewaterhouseCoopers acted as financial advisors to the bank group. Independent counsel to the members of the bank group included John Karvellas, Q.C., Ray Rutman and Darlene Scott of Fraser Milner Casgrain LLP (Edmonton), Kevin Zych of McCarthy Tétrault, Michael Milani of McDougall Gauley and Simon Finch of Blake, Cassels & Graydon LLP. Provincial counsel to the bank group were James Sutcliffe of Bull, Housser & Tupper and Douglas Ward, Q.C. and Edward Brown of Pitblado Buchwald Asper.