Sterling Resources Ltd.

Osler represents Nordic Trustee ASA for Sterling Resources Norwegian Bond Recapitalization


Nordic Trustee ASA


US$213 million


Capital Markets

Date Closed

May 2016



Lead Office



On May 30, 2016, Sterling Resources Ltd. (“Sterling”) closed a series of recapitalization transactions (the “Recapitalization”) in relation to its wholly-owned subsidiary’s senior secured bonds (the “Bonds”). Pursuant to the Recapitalization, on the closing date Sterling: (1) completed a rights offering by way of a short form prospectus dated April 20, 2016 that raised aggregate gross proceeds of $1,303,646.48, all of which were used to release and cancel a portion of the outstanding liabilities under the Bonds; (2) issued an aggregate of 14,192,862,213 common shares to or on behalf of the holders of the Bonds in exchange for the release and cancellation of approximately US$173 million of further liabilities under the Bonds; and (3) entered into an amended and restated agreement governing the remaining liabilities under the Bonds of approximately US$40 million, a new super senior credit facility with certain of the holders of the Bonds in the amount of US$40 million and an intercreditor agreement.

Osler, Hoskin & Harcourt LLP advised Nordic Trustee ASA with a team led by Robert Lehodey, Q.C. that included Neal Ross (Corporate Finance & Securities) and Lorne Carson (Banking).