CAE Secures US$450M Credit Facility

On April 6, 2010, CAE Inc. completed the refinancing of its existing credit facilities by arranging for a three-year revolving credit facility in the amount of US$450 million. The Bank of Nova Scotia and The Toronto-Dominion Bank acted as co-lead arrangers of this credit facility, which is being made available by a syndicate of 11 Canadian, US and international financial institutions. CAE is a world leader in providing simulation and modelling technologies and integrated training solutions for the civil aviation industry and defence forces around the globe.

In support of the CAE finance team, the refinancing was led in-house by Hartland Paterson, Vice President, Legal, General Counsel and Corporate Secretary. Stikeman Elliott LLP acted as counsel to CAE with a team that included Howard Rosenoff, Marie Garneau, Maxime Jacquin and Marie-Josée Marcoux (banking) and Christian Meighen (tax), as well as Jeffrey Keey and Jonathan Deverill (UK). Local counsel advice was provided to CAE by Leeann Kelly-Judd and Robin Krieger of DLA Piper LLP (United States), Doris Deucker of Cornelius Bartenbach Haesemann & Partner (Germany) and Marjorie Allo and Arnaud Arrecgros of AMMC Law (Luxembourg).

The lending syndicate was represented by Fasken Martineau DuMoulin LLP with a team that included John Torrey and David Ferris.