BNS-Arctic Group Financing

James Mathers and Bruce Fowler of Borden & Elliot acted for The Bank of Nova Scotia as agent in connection with syndicated senior credits financing of approximately Cdn.$105,000,000 to The Arctic Group Inc., represented by Hugh Adams and Larry Bird of Tupper & Adams, Winnipeg. Arctic Group, together with its subsidiaries, manufactures and distributes packaged ice throughout Canada and the United States. These credits will refinance Arctic Group’s existing debt and provide financing for future acquisitions. The senior financing was completed concurrently with subordinate financing provided by RoyNat Capital Inc, represented by Tim Dewart and Jody Langhan of Fillmore Riley, Winnipeg, and Citicorp North America Inc., represented by Jay Swartz and Alana McPhee of Davies, Ward & Beck.