Project Finance

Overview

Osler has extensive experience advising clients in all industry sectors on project development and finance matters. This involvement in an ongoing flow of projects and exposure to the challenges unique to project finance, in particular determining the optimal finance structure, allows us to help satisfy the borrowers financing needs while adequately protecting the lenders.

Our national project finance team advises from a uniquely integrated practice platform. Working seamlessly with energy, infrastructure, P3, construction, technology, and health industry experts, Osler provides seamless service from our Toronto, Montréal, Calgary, Ottawa and New York offices.

We have advised on all aspects of project financing, including:

  • Bank, bond, equity, subordinated debt and mezzanine financing including complex combined financing;
  • Capital market platforms and bridge financings;
  • Assisting in developing the financing structure and bid packages;
  • Negotiation and drafting of project finance documentation;
  • Project contract review, risk assessment, risk matrix analysis, and other due diligence;
  • Securities issues and documentation in connection with bond, private note and equity issues;
  • Cross-border issues in connection with issues to foreign lenders and investors;
  • Direct agreements between lenders and project participants; and
  • Assisting in structuring, presentation and responding to rating agencies.

Representative Work

Electricity

For the borrower:

  • York Energy CentreBrighton Beach Power and East WindsorJoffreCoryScotford and Muskeg Cogeneration projects.

For the lenders:

  • Calgary Energy CentreIsland CogenerationAltaLink and TerrawindsBear MountainErie Shores andFirelight Infrastructure Partners wind projects.

Transportation

For the borrower:

  • Lester B. Pearson AirportOttawa International AirportPrince Rupert Container Terminal and Blue Water Bridge Authority.

For the lenders:

  • Highway 407Confederation BridgeMontréal-Trudeau AirportDeh Cho Bridge and Ontario Highway Service Centres.

Oil & Gas

For the borrower:

  • Maritimes & Northeast PipelineTrans-Northern PipelineHibernia ConsortiumMezzappa Gas Plant andValue Creation Inc.

For the lender:

  • Mackenzie Valley Aboriginal Pipeline Group and Husky Terra Nova.

Health

For the borrower:

  • Windsor RegionalVictoriaSt. Joseph’s and Hamilton General Hospitals.

For the lender:

  • Women’s CollegeCredit Valley and Bridgepoint Hospitals and Runnymede Health Care Centre.

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Related Expertise

Chris Bennett

Partner, Chair of Financial Services Practice
Toronto

Lorne Carson

Partner, Corporate
Calgary

Rocco Sebastiano

Partner, Commercial
Toronto

Danna Donald

Partner, Commercial
Toronto
  • South West Calgary Ring Road P3 Project

    Acted for the preferred proponent for the $1.42 billion South West Calgary Ring Road P3 project

  • BluEarth Renewables Inc.

    BluEarth Renewables Inc. in connection with the project financing by National Bank of Canada of a 15MW run-of-river hydro project located near Squamish, British Columbia, being developed by Culliton Creek Power Limited Partnership, a subsidiary of BluEarth Renewables Inc.

  • Canadian Natural Resources Limited

    Canadian Natural Resources Limited, Canadian Natural Upgrading Limited and Canadian Natural Resources, in matters relating to the bridge financing and project financing of the North West Redwater refinery project in Alberta, including a syndicated revolving credit facility, bond issuance and subordinated debt facilities.

  • Centre Hospitalier de l’Université de Montréal

    Centre Hospitalier de l’Université de Montréal (the agents), in $148.5 million offering of debentures by Centre hospitalier de l’Université de Montréal (CHUM)

  • Find More

  • Chambers Global: The World's Leading Business Lawyers, 2015-2016, Osler lawyers ranked in Project Finance.
  • Chambers Global: The World's Leading Business Lawyers, 2014-2015, Osler ranked in Projects: PPP & Infrastructure.
    • Acclaimed for its commitment to the practice area and impressive stable of clients in the PPP space, including lenders, sponsors and contractors, among others. Also highly regarded for project finance, acting across a wide variety of sectors and jurisdictions.
    • "They are very good at negotiating with commercial parties."
    •  "We were pleased with the team they put together. They put thought into the skill sets that would be required."
  • Chambers Canada: Canada's Leading Business Lawyers, 2016, Osler lawyers ranked in Project Finance.
  • Chambers Canada:  Canada's Leading Business Lawyers, 2016, Osler ranked in Projects: PPP & Infrastructure.
  • The Best Lawyers in Canada, 2006-2016, Osler lawyers recommended in Project Finance.
  • IFLR 1000: The Guide to the World’s Leading Financial Law Firms, 2014-2016, Osler ranked in the area of  Project Finance.
  • The Canadian Legal Lexpert Directory, 2012-2015, Osler’s Project Finance Group Toronto, Ontario  Consistently recommended.
  • The Canadian Legal Lexpert Directory, 2015, Osler’s Project Finance Group Calgary, Alberta  Repeatedly recommended.
  • The Canadian Legal Lexpert Directory, 2010-2015, Osler’s Banking & Financial Institutions Group, Toronto, Ontario  Most frequently recommended.
  • The Canadian Legal Lexpert Directory, 2015, Osler’s Banking & Financial Institutions Group, Calgary, Alberta Repeatedly recommended.
  • The Canadian Legal Lexpert Directory, 2010-2015, Osler’s Banking & Financial Institutions Group, Montréal, Québec  Repeatedly recommended.
  • Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada, 2014-2015, Osler lawyers, Most frequently recommended in Project Finance.