On May 21, 2007, Goldcorp Inc. announced that it had entered into a US$1.5 billion credit facility with a syndicate of twelve lenders. The credit facility replaces Goldcorp's existing credit facilities and is intended to be used to finance growth opportunities and for general corporate purposes. The floating rate facility is unsecured and amounts drawn are required to be financed or repaid by May 18, 2012. For the facility, Bank of Montreal acted as Co-Lead Arranger, Administrative Agent and Sole Bookrunner and The Bank of Nova Scotia acted as Co-Lead Arranger, Syndication Agent and Processing Agent. John Torrey and Thomas Meagher of Fasken Martineau acted for the syndicate in this transaction.