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Client Work

Valener completes US$75 million syndicated financing

Fasken
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Overview

Client

Valener

On September 30, 2010, Valener Inc. (TSX: VNR) and Gaz Métro Limited Partnership completed a plan of arrangement providing for the reorganization of Gaz Métro's public ownership structure into a new dividend-paying publicly listed corporation named "Valener Inc." Concurrently, Valener completed a financing in the form of a $75 million committed revolving credit facility made pursuant to a credit agreement among Valener, as borrower, a Canadian chartered bank, as administrative agent, and a syndicate of lenders. The credit facility has a term of five years, is secured by the units of Gaz Métro owned by Valener and will be used by Valener for general corporate purposes (including the funding of energy-related project development costs and investments in Gaz Métro and project vehicles) as well as bridging cash distributions to its shareholders. Fasken Martineau acted for the lead arranger in Valener's financing with a team that included David Lemieux, Félix Gutierrez, Francis Trifiro and Jay Choi (banking), Marie-Josée Neveu (securities) and Claude Jodoin (tax).

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