Bracknell Corporation Restructures Credit Facilities

Bracknell Corporation recently restructured its US$212.5 million senior syndicated credit facilities with a syndicate of Canadian and US banks led by Royal Bank of Canada. The deal involved creating a new group of finance subsidiaries and diverting US$115 million of the loans to the finance group under a separate credit agreement. An additional layer of security for the finance group loans was added and existing security was modified.

Leading the transaction at Bracknell Corporation were John Amodeo (chief financial officer), John Naccarato (general counsel) and Chris Anderson (manager, corporate tax), with assistance from Scott Currier (corporate controller) and John McMahon (associate counsel). Legal counsel to Bracknell was Torys with a team that included Peter Birkness, Paul Petrelli, Sarah Lerchs and Jim Welkoff (tax) in Toronto and Jerry Muntz and Carol Divine in New York. Shawn Porter, Dennis Metzler, Oded Levi and Amelia Schumacher of Arthur Andersen LLP provided structuring advice and support. Ogilvy Renault acted for Bracknell’s senior bank syndicate. Principal members of the deal team were James Riley, Julie Lane, Craig Johnston, Margaret Gunawan and Ken Snider (tax) in Toronto. Debevoise & Plimpton in New York provided US advice to the syndicate.