Lexpert magazine features articles and columns on developments in legal practice management, deals and lawsuits of interest in Canada, the law and business issues of interest to legal professionals and businesses that purchase legal services.
Issue link: https://digital.carswellmedia.com/i/1544329
24 www.lexpert.ca Canadian Law Awards Canadian Law Awards $3.5 billion of 7-year Series C green bonds and $1 billion of Series D green bonds, the latter representing Canada's first-ever 30-year sovereign green bond. Notably, Can- ada became the first sovereign borrower to is- sue a green bond explicitly including nuclear energy expenditures under its Green Bond Framework, requiring original legal analy- sis to classify nuclear energy within eligible green categories and reconcile domestic pol- icy objectives with international ESG stan- dards. e bonds were offered across Canada and to qualified institutional buyers in the United States under Rule 144A. McMillan LLP, led by Eric Friedman and Sandra Zhao, served as the sole outside legal advisor to the Government of Canada. Another Excellence Awardee is Keyera Corp.'s approximately $5 billion in equity and debt financings to fund its $5.15 billion cash acquisition of substantial- ly all of Plains Midstream Canada's natural gas liquids business. e financing package included a $2.07 billion bought deal offer- ing of subscription receipts, $2.3 billion in senior unsecured notes across four series, and $500 million in subordinated hybrid notes. e bought-deal structure ensured Keyera had committed financing sufficient to enter the acquisition agreement without a financing condition, as required by the seller. e deal constitutes one of the largest energ y infrastructure financings in recent Canadian history, significantly expanding Keyera's midstream footprint across the country. Norton Rose Fulbright Cana- da LLP, led by Kirk Litvenenko, served as counsel to Keyera, while Osler, Hoskin & Harcourt LLP, led by Dan Shea and Jessica Mayers, acted for RBC Capital Markets. ese capital markets transactions collec- tively showcase the ingenuity and depth of Canada's legal and financial professionals, from advancing economic reconciliation and sustainable finance to executing transfor- mative energy infrastructure deals in a year defined by disruption. INFRASTRUCTURE & PROJECTS DEAL OF THE YEAR THE EXCELLENCE AWARDEES in the infrastructure and projects category high- light the innovative legal and financial structuring required to execute some of the most complex and transformative projects in Canada. From global infrastructure ac- quisitions and landmark healthcare facil- ities to major transit expansion and toll- road ownership realignment, these deals reflect the essential role of strategic invest- ment in advancing critical infrastructure. One of the notable transactions is BCI's £1 billion ($1.9 billion) take-private ac- quisition of BBGI Global Infrastructure, a leading LSE-listed infrastructure invest- ment company based in Luxembourg. The deal, which closed in June 2025, gave BCI full ownership of a portfolio span- ning more than 56 transportation and social infrastructure projects across Can- ada, the United States, the United King- dom, Germany, the Netherlands, Norway, and Australia, including 16 Canadian projects across seven provinces and one territory. The acqui- sition marks BCI's first take-private as sole investor, and Bennett Jones LLP, led by Mia Bacic, de- veloped novel frame- works to assess reg- ulatory overlap across large-scale public-private infrastructure portfolios where little Canadian precedent existed. McMillan, which was led by Candy Saga, and Norton Rose Fulbright Canada LLP also advised BBGI on the transaction. THESE DEALS REFLECT THE ESSENTIAL ROLE OF STRATEGIC INVESTMENT IN ADVANCING CRITICAL INFRASTRUCTURE CAPITAL MARKETS DEAL OF THE YEAR