Tirecraft Auto Completes $100M Refinancing

On September 26, 2007 Tirecraft Auto Centers, through its parent corporation Tirecraft Group Inc., entered into a $100M syndicated loan agreement with CIT Business Credit Canada Inc. (owned equally by CIBC and CIT Group Inc.), as Agent. Tirecraft is one of the 10 largest commercial tire retailers in North America, having locations in every Canadian jurisdiction, with the exception of Nunavut.

Tirecraft was represented by Cory Fries, vice-president and general counsel to Tirecraft, Summer Bradko, associate general counsel to Tirecraft, and the Atlantic Canada law firm of Cox & Palmer. Cox and Palmer's team included Arthur Doyle, Peter Forestell, Charles Whelly, Craig Wilson, and articling clerks Sarah Percival and Rebecca Atkinson. Tirecraft was also represented by local counsel in various other Canadian jurisdictions, including James Harley of D'Arcy & Deacon LLP (Manitoba), Eric Levy and Joel Cabelli of Heenan Blaikie LLP (Quebec) and Ryan Laidlaw of McDougall Gauley LLP (Saskatchewan).

Stikeman Elliott LLP represented the Agent, CIT Business Credit Canada Inc., with a team that included Sharon Polan, Craig Mitchell, Brenda Hebert, Howard Rosenoff, Abas Kanu, Meaghan Obee Tower and Alim Lalani.

In connection with the financing, Tirecraft was required to obtain the consent of its subordinated lenders. The debt held by the subordinated lenders is managed by CIT Subordinated Debt Fund (III) Limited Partnership as agent. Fogler, Rubinoff LLP represented the subordinated lenders, with a team comprised of Michael Slan and Lesley Munk.