Practising extensively in the area of complex commercial transactions, Rick Borden focuses on large-scale projects and financings in the energy sector, including oil sands projects, pipeline projects and LNG projects. His clients include major Canadian banks and project sponsors and he has strong relationships with the key project lending specialists at the major Canadian banks. He also has significant experience in joint venture arrangements in the energy sector and often advises on matters such as default and remedy provisions in joint venture agreements. Mr. Borden generally acts as the lead counsel on all transactions in which he is involved and is directly involved in structuring matters, due diligence investigations, negotiating key business terms and drafting from the term sheet stage through to final documentation. In addition, he has been extensively involved in negotiating intercreditor agreements and third-party consents and acknowledgements with third-party project participants in various project financings. Whether acting for borrowers or lenders, Mr. Borden has a unique ability to combine a high degree of technical expertise with a commercial approach that facilitates the successful completion of complex financings and projects.
A sustainability linked credit facility is a new type of arrangement in which financial institutions agree to reduce or increase the borrowing costs as sustainability
On May 28, 2019, TC Energy Corporation announced that it entered into an agreement to sell an 85 per cent equity interest in Northern Courier Pipeline to Alberta Investment Management Corporation
Veresen Midstream LP closed a restatement of its credit facilities in the aggregate amount of $2.775 billion on April 20, 2018, restating a 2015 New York law governed credit agreement into an Alberta law governed loan arrangement providing for a $2.5-billion term loan commitment, a $200-million revolving commitment and a $25-million operating commitment.
Alberta PowerLine is a partnership between Canadian Utilities (an ATCO company) and Quanta Services. Alberta PowerLine was selected by the Alberta Electric System Operator (the AESO) in December 2014 to design, build, own, operate and finance the Fort McMurray West 500 kV Transmission Project.
On March 22, 2018, Wolf Midstream Inc. (Wolf Midstream) successfully closed the acquisition from MEG Energy Corp. (MEG) of MEG’s 50-per-cent ownership interest in Access Pipeline and a 100-per-cent ownership interest in the Stonefell Terminal for $1.52 billion, including capital commitments of approximately $90 million. Wolf Midstream also completed an amendment and restatement of its senior secured credit facilities, which were upsized on the date of the acquisition to $1.5 billion, in order to provide debt financing for the acquisition.
On August 18, 2016, Paramount Resources Ltd. (Paramount) completed the sale of oil and gas assets in the Musreau/Kakwa area of west-central Alberta to Seven Generations Energy Ltd. (Seven Generations) for total consideration of approximately $2.1 billion.
On July 18, 2016, Cheung Kong Infrastructure Holdings Limited (CKI), a Hong Kong-based global infrastructure company that holds diversified investments in energy infrastructure, transportation infrastructure, water infrastructure, waste management, and waste-to-energy and infrastructure-related business, and Power Assets Holdings Limited (PAH), a Hong Kong-based global investor in power and utility-related businesses with investments in electricity generation, transmission and distribution, renewable energy, and energy from waste and gas distribution, completed their $1.7-billion acquisition of 65-per-cent indirect ownership interest in select heavy oil pipeline and storage assets from Husky Energy (Husky) in Alberta and Saskatchewan, and related joint-venture, financing and commercial arrangements.
On April 1, 2016, TransCanada Corporation closed a bought deal offering of subscription receipts in Canada and the United States for aggregate gross proceeds of $4.4 billion, which, at the time, constituted the largest bought deal offering in Canadian history
On August 14, 2015, Crescent Point Energy Corp. (Crescent Point) completed the acquisition of all the issued and outstanding shares of Coral Hill Energy Ltd. (Coral Hill) for approximately $258 million. Crescent Point is one of Canada’s largest light and medium oil producers. Prior to the acquisition, Coral Hill was a privately owned, light oil-weighted producer with assets primarily located in the Swan Hills Beaverhill Lake resource play.
