On December 14, 2016, Tervita Corporation, a leading environmental solutions provider, implemented its court-approved plan of arrangement under the Canada Business Corporations Act. The plan implemented a recapitalization transaction that resulted in a reduction of Tervita’s total debt from approximately C$2.6 billion to approximately C$475 million.
In connection with the recapitalization transaction, Tervita negotiated a C$200 million credit facility with a syndicate of lenders led by The Toronto-Dominion Bank as administrative agent, and completed an offering of 7.625% senior secured notes due 2021 in the aggregate principal amount of US$360 million.
The recapitalization transaction successfully decreased Tervita’s long-term debt, which will provide the company with greater flexibility and the working capital necessary to pursue new opportunities for growth.
Osler, Hoskin & Harcourt LLP represented Tervita with a team led by Marc Wasserman and Michael De Lellis, and included Andrea Whyte, Colin Feasby, Firoz Ahmed, Ted Thiessen, Martino Calvaruso, Justin Sherman, Michael Shakra, Melissa Burkett and Miju Damodar.
Key Contact
Partner, Insolvency and Restructuring, Toronto
Team
Partner, Corporate, Calgary
Partner, Corporate, Calgary
Partner, Insolvency and Restructuring, Toronto
Partner, Tax, Toronto
Partner, Insolvency and Restructuring, Toronto
