OPTI Canada Completes Debt Financings

On December 15, 2006, OPTI Canada Inc. completed debt financings in the United States and Canada comprised of US$1.0 billion of 8-¼ per cent senior secured notes, rated B1/BB, which are due 2014 and a C$500 million revolving credit facility.

OPTI is a Calgary-based company focused on developing an integrated oil sands project in Canada, the Long Lake Project, in a 50/50 joint venture with Nexen Inc. The first phase of the Project consists of 72,000 barrels per day of SAGD (steam assisted gravity drainage) oil production integrated with an OPTI-operated upgrading facility, using OPTI's proprietary OrCrude™ process and commercially available hydrocracking and gasification.

For the private placement of the senior notes, Credit Suisse and RBC Capital Markets acted as joint book-running lead managers, TD Securities acted as joint lead manager and RBS Greenwich Capital, Scotia Capital, BNP Paribas and Société Générale acted as co-managers.

The bank syndicate for the revolving credit facility was co-led by TD Securities and RBC Capital Markets, with Credit Suisse as lead manager, and included The Royal Bank of Scotland, plc, The Bank of Nova Scotia, BNP Paribas (Canada) and Société Générale.

OPTI Canada was represented in Canada by Macleod Dixon LLP, with a team that included Kent Kufeldt, Craig Hoskins, Kathleen Cowick and Stephen Cooper (securities), Rick Borden, Ryan Rovere (banking) and Craig Maurice (tax) and in the United States by Simpson Thacher & Bartlett LLP, with a team that included Joseph Kaufman, David Lieberman and Kirsten Davis.

The syndicates for the senior notes and the credit facility were represented in Canada by Blake, Cassels & Graydon LLP, with a team that included Pat Finnerty, Chad Schneider, Ainsley Rice (securities), Dan Fournier, Catherine McKendry, Kevin Fougere, Nick Tropak (banking) and Edmund Gill (tax) and in the United States by Shearman & Sterling LLP, with a team that included Chris Cummings, Tim Andison, Michael Baker, Aaron Hunter and Shane Smyth.


Kathleen Cowick Catherine S. McKendry Chad Schneider Richard P. Borden Kent D. Kufeldt Pat C. Finnerty Ainsley L. Rice R. Craig Hoskins Daniel P.E. Fournier Craig A. Maurice Edmund A. Gill Stephen M. Cooper Nick Tropak Kevin Fougere


Norton Rose Fulbright Canada LLP Simpson Thacher & Bartlett LLP Blake, Cassels & Graydon LLP Shearman & Sterling LLP