Saskatchewan Wheat Pool Completes Restructuring

On March 14, 2003, Saskatchewan Wheat Pool completed its financial restructuring. BMO Nesbitt Burns Inc. was financial advisor.

The restructuring’s principal components included: (a) the exchange of $405 million of the company’s former note and bank debt into two series of new notes maturing in November 2008, one of which is a convertible series payable in equity by the company; (b) the implementation of $375 million of new credit facilities through an asset-backed working capital facility, a $100 million term loan and a new securitization programme for the company’s receivables; and (c) modifications to the company’s governance structure. These initiatives were implemented after consensual agreements and approvals were obtained from the company’s bankers, public noteholders and co-operative members.

Saskatchewan Wheat Pool was represented by Torys LLP, as lead counsel, with a team that included Tony DeMarinis, Peter Birkness, Jonathan Weisz, Marc Lavigne, Janie Tremblay, Jim Hong, John Laskin, John Tobin, Don Roger, John Cameron, Michael Feldman, Jim Turner, Scott Bomhof, Eric So, Jamie Feehely, Katherine Christie, Jamie Koumanakos, John Emanoloidis and Rima Ramchandani in Toronto and Geoffrey Gilbert and Darren Baccus in New York. Also acting for Saskatchewan Wheat Pool on the restructuring were Rick Van Beselaere, Ray Dean, Stewart Berringer, Reginald Watson, Q.C., Peter Bergbusch and Brian Scherman, Q.C., of Balfour Moss; and Douglas Ballou and Aaron Runge in Regina and Michael Clark in Calgary, all of MacPherson Leslie & Tyerman LLP.

Saskatchewan Wheat Pool’s bank group, a syndicate of five financial institutions with Bank of Montreal as administrative agent, including Bank of Montreal, Royal Bank of Canada, TD Bank, Saskatchewan Cooperative Services Ltd. and CIBC, was represented by McMillan Binch LLP, as lead counsel, with a team that included Andrew Kent, Richard Higa, Vickie Wong, Jeffrey Rogers, Michael Burns, Paul Macdonald, Don Waters, David Slan, Andrea Onn, Rebecca Hockridge, Chris Bennett, Stephanie Robinson, Lisa Ford, Brett Harrison and Ed Ra.

Goodmans LLP represented an ad hoc group of noteholders, with a team that included Robert Chadwick, Geoffrey Morawetz, Jay Feldman, Tim Heeney, Neil Sheehy, Cathy Costa and Fred Myers.