United Farmers of Alberta Closes Asset-Based Credit Facility

United Farmers of Alberta Co-operative Limited (UFA) closed the $350-million refinancing of their asset-based credit facility with Scotiabank Asset Finance, a division of The Bank of Nova Scotia and Canadian Imperial Bank of Commerce as co-lead Arrangers in the lending syndicate. UFA plans to use the facility for general business purposes.

UFA businesses include agriculture, petroleum, construction and outdoor adventure serving farmers, ranchers, consumer and commercial accounts throughout Alberta and in areas of BC and Saskatchewan.

UFA was represented by Bruce Nysetvold, General Counsel to UFA; and by Dentons Canada LLP with a team including Trevor Morawski and James-Scott Lee. The lenders under the new credit facility were represented by Aird & Berlis LLP's Andrew Biderman. Rachel Hamilton, Andrew Lloyd and Matthew Pollock of Davis LLP acted as Alberta agent counsel to the lenders.