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Client Work

BNP Paribas and Bank of America arrange US$800 million financing as SemGroup emerges from Chapter 11 and CCAA restructuring

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SemGroup, L.P. and certain subsidiaries filed voluntary petitions for Chapter 11 under the U.S. Bankruptcy Code on July 22, 2008. Certain Canadian subsidiaries, including SemCAMS ULC, also filed for protection under the Companies' Creditors Arrangement Act ("CCAA"). On December 1, 2009, SemGroup Corporation announced that it had emerged from Chapter 11 as a newly reorganized public company, with a plan to distribute more than $2.5 billion in value to its stakeholders. The plan is supported by access to a US$500 million first lien exit financing facility from a syndicate of lenders, including BNP Paribas, Bank of America, and Calyon, and became effective on November 30, 2009. Concurrently, Bank of America and other pre-petition lenders received an interest in a US$300 million second lien term loan facility. Fasken Martineau acted as Canadian counsel to the first and second lien lenders with a team that included, among others, Jon Holmstrom, Brian Wright, Gary Rose, Brent Lewis, Raziel Zisman and David Ferris (banking); Aubrey Kauffman (CCAA/restructuring); Richard Peters, Tanner Helwig and Dean Watt (corporate); and Kathleen Hanly (tax).


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