On November 18, 2004, EnerMark Inc. (a wholly-owned subsidiary of Enerplus Resources Fund) closed a C$850 million credit facility. The credit facility was provided by a syndicate of lenders led by CIBC, as administrative agent, and CIBC World Markets, as lead arranger and sole bookrunner.
This is believed to be the first unsecured, covenant-based credit facility for a conventional oil and gas trust in Canada.
EnerMark was represented by Dan Fournier and Kevin Fougere of Blake, Cassels & Graydon LLP in Calgary.
CIBC was represented by Joseph Palin, Trevor Morawski and Philip Barton of Fraser Milner Casgrain LLP.