LEXPERT MAGAZINE
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AUGUST 2019 5
INDUSTRY
ANALYSIS
Pipelines Financial
Transportation
Consumer Services Energy & Power Pipelines
Aerospace & Defence Automotive Materials
Utilities Financials Health Research
Media & Entertainment Recreation & Leisure Advertising & Marketing
E-Commerce Construction & Engineering
Consumer Staples
Consumer Services Energy & Power Pipelines
Aerospace & Defence Automotive Materials
Utilities Financials Health Research
Media & Entertainment Recreation & Leisure Advertising & Marketing
E-Commerce Construction & Engineering
Consumer Staples
Consumer Services Energy & Power
Aerospace & Defence Automotive
COMPILED BY ELIZABETH RAYMER
Metals & Mining
Energy Inc. ("Pinnacle") expanded its cred-
it facility to $530 million, pursuant to an
amended and restated credit agreement
with a syndicate of lenders led by e Bank
of Nova Scotia, Canadian Imperial Bank of
Commerce, Bank of Montreal and Royal
Bank of Canada, as co-lead arrangers and e
Bank of Nova Scotia, as administrative agent.
Pinnacle expanded its credit facility from
$380 million to $530 million, which is now
comprised of a $65 million revolving credit
facility, a $280 million term facility, and
a $185 million delay draw term facility. e
maturity date was extended to June 13, 2024.
Pinnacle was represented in-house by
Ranj Sangra, General Counsel & Corpor-
ate Secretary.
Torys LLP acted as lead counsel to Pin-
nacle with a team that included Simon Wil-
liams and Erin Shin.
DLA Piper acted as British Columbia
and US counsel to Pinnacle and was repre-
sented by a team that included Michael
Mjanes, Caroline Yao, Sam Snider and
Kevin Gooch.
Davies Ward Phillips & Vineberg
LLP acted as lead counsel for the lending
syndicate with a team that included Joel
Scoler and Stuart Berger.
Consumer Services Energy & Power Pipelines
Aerospace & Defence Automotive Materials
Utilities Financials Health Research
Media & Entertainment Recreation & Leisure Advertising & Marketing
E-Commerce Construction & Engineering
Consumer Staples
PINNACLE RENEWABLE ENERGY
ENTERS PARTNERSHIP WITH
TOLKO INDUSTRIES TO DEVELOP
ALBERTA PELLET PLANT
CLOSING DATE: JULY 4, 2019
On July 4, 2019, Pinnacle Renewable
Energy Inc. ("Pinnacle") announced it has
entered into a partnership with Tolko In-
dustries Ltd. ("Tolko") to develop a new in-
dustrial wood pellet production facility in
High Level, Alberta (the "Facility"). Pinna-
cle and Tolko will each own a 50% interest
in the Facility. e Facility will be built next
to Tolko's existing saw million High Level.
e Facility is expected to have a run-rate
production capacity of 170,000 to 200,000
metric tons per annum.
e capital cost of the Facility is expected
to be $54 million, with 50% funded by Pin-
nacle and 50% by Tolko.
Pinnacle was represented in-house by
Ranj Sangra, General Counsel and Corpor-
ate Secretary.
DLA Piper (Canada) LLP acted as lead
counsel to Pinnacle with a team that includ-
ed Brian Hiebert, Michael Mjanes and An-
tony Cortese.
Blake, Cassels & Graydon LLP acted
as lead counsel for Tolko with a team that
included Sam Adkins and Emma Costante.
Consumer Services Energy & Power Pipelines
Aerospace & Defence Automotive Materials
Utilities Financials Health Research
Media & Entertainment Recreation & Leisure Advertising & Marketing
E-Commerce Construction & Engineering
Consumer Staples
ROYAL BANK OF CANADA
COMPLETES C$1.5B
SUBORDINATED
DEBENTURE OFFERING
CLOSING DATE: JULY 25, 2019
On July 25th, 2019 the Royal Bank of Can-
ada completed its C$1.5-billion offering of
non-viability contingent capital subordin-
ated debentures ("the Notes") through its
Canadian Medium Term Note Program.
e Notes bear interest at a fixed rate of
2.74 per cent per annum (paid semi-an-
nually) until July 25, 2024, aer which
the Notes will bear interest at a floating
rate (paid quarterly) until July 25, 2029 at
3-month CDOR plus 0.98%.
RBC Dominion Securities Inc. acted
as the lead dealer for the offering, with a
syndicate that included CIBC World Mar-
kets Inc., TD Securities Inc., Merrill Lynch
Canada Inc., BMO Nesbitt Burns Inc.,
Desjardins Securities Inc., National Bank
Financial Inc., Scotia Capital Inc., Wells
Fargo Securities Canada, Ltd., HSBC Se-
curities (Canada) Inc., Industrial Alliance
Securities Inc., Laurentian Bank Securities
Inc., and Manulife Securities Incorporated.
e dealers were represented by Stike-
man Elliott LLP with a team that includ-
ed Philip Henderson, Marshall Eidinger
and Victor MacDiarmid (Securities), Peter
Hamilton (Bank Regulatory) and Jonathan
Willson (Tax).
Royal Bank of Canada was represented
in-house by Erin Dion and Hoori Chitilian
and by Norton Rose Fulbright Canada
LLP with a team that included Heidi Rein-
hart, assisted by Sam Zadeh, Jenny Ng and
Monica Wong (Securities) and Adrienne
Oliver and Carl Deeprose (Tax).
Consumer Goods Consumer Goods Consumer Goods
HEXO CORP. COMPLETES
ACQUISITION OF NEWSTRIKE
BRANDS LTD. FOR $263M
CLOSING DATE: MAY 24, 2019
On May 24, 2019, HEXO Corp. complet-
ed its acquisition of Newstrike Brands for
C$263m by way of a plan of arrangement
under the Business Corporations Act (On-
tario). Under the terms of the Arrange-
ment, each former Newstrike shareholder
is entitled to receive 0.06332 of a common
share in the capital of HEXO for each
Newstrike Share held immediately prior to
the Arrangement. HEXO Corp is a con-
sumer packaged goods cannabis company
that creates and distributes products to
serve the global cannabis market.
HEXO Corp. was represented in-house
by Roch Vaillancourt and Joelle Maurais
and supported by Norton Rose Fulbright
Canada LLP with a team led by Amar
Ghosh-Leclair and Eric Reither and that
included, Peter Wiazowski, Victoria Riley,
Sam Zadeh and Jaray Zhao (M&A), Ruju-
ta Patel, Stephen Nattrass (Competition),
Barry Segal, Carl Deeprose (Tax), Sara
Zborovski (Health, Regulatory), Lisa Ca-
