On December 14, 2016, Tervita Corporation (Tervita) and certain of its affiliates closed an offering (the Offering) of US$360,000,000 senior secured notes due 2021, bearing interest at an annual rate of 7.625% to qualified institutional buyers in the United States and certain provinces of Canada on a private placement basis.
Proceeds from the Offering were used to finance a recapitalization transaction implemented by a court-approved plan of arrangement under the Canada Business Corporations Act. The recapitalization transaction resulted in a reduction of Tervita’s total debt from approximately C$2,600,000,000 to approximately C$470,000,000.
Fasken acted as Tervita’s Canadian counsel for the Offering, with a team that included Sarah Gingrich, Georald Ingborg, Sandra Malcolm, Perry Feldman and Mitchell Barnard (securities) and Clarke Barnes (tax).
