Tervita Corporation

Tervita Corporation completes C$3.5 billion recapitalization transaction under the Canada Business Corporations Act

Client

Tervita Corporation

Value

Approximately C$3.5 billion

Service

Insolvency and Restructuring

Date Closed

December 2016

Industry

Energy (Oil & Gas)

Lead Office

Toronto


 

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.  


Team
Marc Wasserman - Corporate Restructuring Lawyer
Key Contact

Marc Wasserman

Partner, National Chair, Insolvency & Restructuring

Michael De Lellis - Insolvency Lawyer

Michael De Lellis

Partner, Insolvency & Restructuring

Colin  Feasby

Colin Feasby

Calgary Managing Partner

Firoz Ahmed | Tax Lawyer in Toronto

Firoz Ahmed

Partner, Taxation

Ted Thiessen

Ted Thiessen

Partner, Taxation

Martino F. Calvaruso - Restructuring Lawyer

Martino F. Calvaruso

Associate, Insolvency & Restructuring

Justin Sherman

Justin Sherman

Associate, Corporate

Michael S. Shakra

Michael S. Shakra

Associate, Insolvency & Restructuring

Miju Damodar

Miju Damodar

Associate, Corporate