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
www.lexpert.ca 23 THE EXCELLENCE AWARDEES in the capital markets category reflect the breadth and ambition of Canada's financing land- scape in 2025. From landmark Indigenous energy investments to sovereign green bonds and transformative acquisition financing, these transactions demonstrate how legal professionals continue to push the boundar- ies of deal structuring in a complex, shiing market environment. One of the groundbreaking transactions in this category is the Stonlasec8 Indige- nous Alliance's $736 million investment in Enbridge's Westcoast natural gas pipeline system. e deal gives the Stonlasec8 part- nership, representing 38 First Nations in British Columbia, a 12.5 percent equity in- terest in a system spanning British Columbia and Alberta that has operated within First Nations territories for over 65 years. e in- vestment was financed through two concur- rent offerings: $336 million of senior secured amortizing bonds rated A (Stable) by DBRS Morningstar, and $400 million of guaran- teed bonds backed by the Canada Indigenous Loan Guarantee Corporation (CILGC), the first and largest guarantee ever issued under the program, earning a AAA (Stable) rating. e transaction represents the largest Indig- enous participation in energy infrastructure by the number of participating First Nations. Boughton Law Corporation acted as legal counsel to Stonlasec8. McCarthy Tétrault LLP served as counsel to Enbridge. Stikeman Elliott LLP, led by Leland Corbett, acted for Canada Development Investment Cor- poration. Dentons Canada LLP, led by Bill Jenkins, acted for Royal Bank of Canada, RBC Capital Markets, Scotia Capital Inc., and Cedar Leaf Capital Inc. Fasken Martineau DuMoulin LLP advised TD Securities. Also earning recognition is the National Bank of Canada's $1.04 billion public of- fering and concurrent private placement of subscription receipts, a critical capital raise supporting its $5.6 billion acquisition of Canadian Western Bank, the third-largest CAPITAL MARKETS DEAL OF THE YEAR Stonlasec8 Alliance's $736 million investment in Enbridge's Westcoast pipeline Boughton Law Corporation (for Stolansec8) Dentons Canada LLP (for Royal Bank of Canada, RBC Capital Markets, Scotia Capital Inc., and Cedar Leaf Capital Inc.) Fasken Martineau DuMoulin LLP (for TD Securities Inc.) McCarthy Tétrault LLP (for Enbridge) Stikeman Elliott LLP (for Canada Development Investment Corporation (CDEV)) National Bank of Canada's $1.04 billion public offering and concurrent private placement Fasken Martineau DuMoulin LLP (for La Caisse) McCarthy Tétrault LLP (for National Bank of Canada) Torys LLP (for syndicate of dealers, led by National Bank Financial) His Majesty in Right of Canada's $4.5 billion issuance of green bonds McMillan LLP (for the Government of Canada) Keyera Plains' $5 billion acquisition equity and debt financings Norton Rose Fulbright Canada LLP (for Keyera Corp.) Osler, Hoskin & Harcourt LLP (for RBC Capital Markets) CANADIAN LAW FIRM INVOLVEMENT (CLIENT) domestic banking transaction in Canadian history. National Bank issued 9,262,500 sub- scription receipts at $112.30 each through a bought-deal public offering led by National Bank Financial, alongside a concurrent $500 million private placement with an af- filiate of La Caisse de dépôt et placement du Québec. e dual-track structure allowed proceeds to be held in escrow until the ac- quisition closed on February 3, 2025, when the receipts automatically converted into common shares, preserving National Bank's CET1 ratio above 12.75 percent. McCarthy Tétrault, led by Patrick Boucher, served as lead counsel to National Bank, while Torys LLP, led by Glen Johnson, acted as lead counsel to the syndicate of dealers. Fasken provided counsel to La Caisse on the private placement. Another significant transaction is His Majesty in Right of Canada's $4.5 billion is- suance of green bonds in 2025, comprising