The North West Company Completes Refinancing

On August 28, 2002, Winnipeg-headquartered The North West Company Inc., completed an agreement for up to $85 million in secured credit facilities with TD Bank and Bank of Montreal. Simultaneously, the company completed a US$65 million offering of 5.89 per cent senior secured notes maturing June 15, 2009. The proceeds of the refinancing were used to retire $119 million in existing secure subordinated debt. The security for the notes and credit facilities include assets in Alaska, British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Newfoundland, Yukon, Northwest Territories and Nunavut.

The company was represented by Kevin Bolt, David Filmon and Dayna Hillman of Aikins, MacAulay & Thorvaldson in Winnipeg. TD Bank was represented by Thompson Dorfman Sweatman in Winnipeg, with a team that included P. Michael Sinclair, Q.C., James Ripley and Michael Jason. The Bank of Montreal was represented by James Harley and Jonathan Goldenberg of D'Arcy & Deacon in Winnipeg. A syndicate of note purchasers was represented by Robert Nash and Scott Barnett of Chapman and Cutler in Chicago.