Calgary and Montreal advised Royal Bank of Canada on C$110m financing of Northern Courier Pipeline Limited Partnership
January 14, 2020
Client: Royal Bank of Canada
Our Calgary and Montreal offices advised Royal Bank of Canada (RBC) as sole bookrunner and global lead agent in respect to the issuance and sale of C$110m of 4.166% first lien senior secured notes due February 15, 2042 (the senior notes) by PIP6 Courier Holdings LP (PIP6), a wholly-owned subsidiary of Alberta Investment Management Corporation (AIMCo). In July 2019, PIP6 acquired an 85% equity interest in Northern Courier Pipeline Limited Partnership and its general partner (collectively, Northern Courier) from certain subsidiaries of TC Energy. In connection with this acquisition, Northern Courier completed the issuance and sale of C$1.0bn of 3.365% first lien senior secured notes, also led by RBC who our Calgary and Montreal offices advised in its role as sole bookrunner and global lead agent.
Northern Courier owns the Northern Courier Pipeline System which is comprised of a 90 kilometre insulated bitumen pipeline connecting the Fort Hills oil sands mine in the Athabasca region of Alberta (the Fort Hills Project) to a bitumen and diluent storage, blending and cooling facility located approximately 30 kilometres to the north of Fort McMurray, Alberta (the East Tank Farm), together with a parallel pipeline that delivers diluent and diesel from the East Tank Farm to the Fort Hills Project and associated bitumen and diluent storage facilities and ancillary facilities. An affiliate of TC Energy Corporation continues to be the operator of the Northern Courier Pipeline System.
The team included Rick Borden, Jennifer Kennedy, Matthew Longstaff, Darren Hueppelsheuser, Kassy Corothers, Joe Mooney, Allison Numerow, Hailey Boutin (Calgary) and Peter Wiazowski (Montreal).