Tervita Corporation Completes C$3.5bn Recapitalization Transaction Under the CBCA

December 14, 2016

Client: Toronto-Dominion Bank and a syndicate of lenders

Norton Rose Fulbright acted for the Toronto-Dominion Bank and a syndicate of lenders in connection with the recapitalization transaction that resulted in a reduction of Tervita’s total debt from approximately C$2.6 billion to approximately C$475 million. The deal was done under a plan of arrangement pursuant to the Canada Business Corporations Act as a solvent restructuring, and involved the conversion of several layers of debt into equity, repayment of all junior secured debt, and the establishment of new C$200 million senior secured credit facilities.

In connection with the recapitalization, new senior secured notes were issued. In addition to advising TD and the lenders under the senior secured credit facilities, we advised them in connection with intercreditor matters with the noteholders.