Fortress Paper Ltd., through its wholly owned subsidiary, Fortress Global Cellulose Ltd. (together, “Fortress”), completed the acquisition of the buildings, equipment and other ancillary property relating to the non-operating pulp mill and co-generation facility lo-cated in Lebel-sur-Quévillon, Québec, and owned by Domtar Inc. (“Domtar”). 9109-3294 Québec Inc. (“9109”), a wholly owned subsidiary of the Québec Government, acquired the lands relating to the mill.
Concurrent with the acquisition, Fortress completed a $132.4 million project financing loan with Investissement Québec (“IQ”) and a $25 million convertible debenture financing with Fonds de solidarité FTQ (the “Fonds”), in order to fund the conversion of the mill into a dissolving pulp operation.
Fortress was represented by Sangra Moller LLP on the acquisition and both financings, with a team comprising Winston Yee, Mihai Ionescu, Shiva Galbaransingh and Jill Dunn (corporate finance/securities/M&A). BCF LLP served as Québec legal counsel to Fortress, with a team comprising Gilles Seguin, Pascale Dionne and Veronique St-Amand (corporate/commercial/real estate/trust); Nancy Boyle (employment/labour); Odette Nadon (environmental) as well as Patrice Picard and Johanne Bérubé (real estate and title matters).
Domtar was represented internally by Marguerite Goraczko and Sarah Landry Maltais and externally by Fraser Milner Casgrain LLP, with a team comprising Stephen Lloyd, Genevieve Lefort and Simon Gauthier (corporate).
Gowling Lafleur Henderson LLP represented IQ and 9109, with a team consisting of Paule Tardif and Ingrid Anton (corporate); Martine Guimond (securities); and Alain Lalonde (real estate).
The Fonds was represented internally by Jodi Lackman.