Noralta Lodge completes notes offering

Noralta Lodge Ltd., a leader in quality workforce accommodation for Alberta’s oil sands, completed a high yield offering of $150 million of 7.50 per cent senior secured second lien notes due 2019, and simultaneous entry of a senior secured syndicated $110 million bank facility.

The offering was made on a private placement basis through a syndicate of underwriters led by HSBC Securities (Canada) Inc. and Scotia Capital Inc., as joint bookrunners, and included AltaCorp Capital Inc. and National Bank Financial Inc.

Noralta was represented in-house by John Stavropoulos, Executive Vice President and General Counsel, and by Dentons Canada LLP with a team led by Leanne Krawchuk and that included Bill Jenkins, Elana Hahn, Dan Shea and Jonathan Cummings (capital markets); Leah Tolton and Audrey Bouffard-Nesbitt (banking); Mark Jadd (tax); Walter Van Dorn (US capital markets); John Harrington (US tax) and Frank VanderPloeg (ERISA).

The underwriters were represented by Stikeman Elliott LLP with a team led by D’Arcy Nordick and that included Tim McCormick, Christen Daniels and Colin Burn (securities); Meaghan Obee Tower and Cara Cornacchia (banking); Brady McLeod (real estate) and Katy Pitch (tax); and Paul Hastings LLP’s Michael Chernick, Randal Palach and Jason Ewart (US capital markets and tax).

The syndicate of lenders was represented by Torys LLP with a team that was composed of Kevin Fougere, Elizabeth Burton and Tyrel Henderson.
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