On June 29, 2005, La Coop fédérée, Quebec's agricultural cooperative federation, owned by nearly one hundred cooperatives representing more than 51,000 members, with operations in Quebec, Ontario and Alberta, completed its refinancing program by replacing its current credit facilities by a $350 million revolving credit facility. National Bank Financial Inc., Caisse centrale Desjardins and Bank of Montreal acted as co-lead arrangers for a banking syndicate. Concurrently with such refinancing, La Coop fédérée entered into a $30 million term loan with Farm Credit Canada and completed a $25 million debt issue with Capital régional et coopératif Desjardins.
The execution of the refinancing program was coordinated internally by Alain Garneau, manager, legal department, and in-house counsel Marika Trépanier, with the assistance of Jean-Paul Zigby of Desjardins Ducharme LLP.
In connection with the $350 million credit facilities, the co-lead arrangers and the banking syndicate were represented by McCarthy Tétrault LLP with a team comprised of J. Michel Deschamps, Jean-François Boisvenu and Richard O'Doherty in Montreal, Michael Polowin in Ottawa and Greg Liakopoulos in Calgary.
In connection with the $30 million term loan and the $25 million debt issue, Farm Credit Canada and Capital régional et coopératif Desjardins were represented by Heenan Blaikie LLP with a team comprised of Patrice Vachon and Lise Morissette.