On September 26, 2006, Commercial Alcohols Inc. (which has since changed its name to GreenField Ethanol Inc.) completed a $130 million senior secured credit facility with a syndicate of lenders in which The Bank of Nova Scotia and Royal Bank of Canada acted as co-lead arrangers and the Bank of Nova Scotia acted as administrative agent.
The credit facility continues GreenField's existing credit facility and provides additional financing to assist with the construction of GreenField's 120 million litre per year fuel ethanol plant in Varennes, Quebec and with other capital projects, including preliminary development of two further ethanol plants in Ontario. GreenField also obtained additional senior subordinated financing from Royal Bank of Canada, through its division RBC Capital Partners.
GreenField was represented by Malcolm West, vice-president, finance and B.C. Keith, vice-president and general counsel. Outside counsel were Jim Archer and John Sullivan of McCarthy Tétrault LLP, Paul Smith of Stewart McKelvey in New Brunswick, Tricia Begg of Day, Berry & Howard LLP in Connecticut and Tom Halbleib of Stites & Harbison, PLLC in Kentucky. The senior lending syndicate was represented by Borden Ladner Gervais LLP, with a team that included James Mathers, Pierre Côté and Stephen Redican. RBC Capital Partners was represented by McMillan Binch Mendelsohn LLP, with a team that included Pat Forgione, Patrice Beaudin and Greg Walters.