e critical aspect of the financing was
to structure the financing in order for the
AAA credit rating of the Sovereign Guar-
antor to be transferred to the project's
single-purpose vehicles and that the pricing
of the debt would very closely approximate
that of the AAA Sovereign.
e Sovereign Guarantee, tailored to
satisfy the credit transference conditions of
Moody's, S&P and DBRS, was explained
to the rating agencies and was accepted by
all three.
e facility will generate 824 MW of
electricity, with 40 per cent of the generated
power to be transported via subsea cable to
Newfoundland and 20 per cent to be trans-
ported to Nova Scotia.
e remaining 40 per cent of the gener-
ated power will be used for industrial pur-
poses in Labrador or sold to other energy
markets in Nova Scotia. Construction is
underway and the project is expected to
begin operation in 2017.
Nalcor Energy is a Newfoundland and
Labrador Crown corporation and is de-
veloping the Muskrat Falls Hydroelectric
Generating Facility and the Labrador-Is-
land Transmission Link projects.
TD Securities and Goldman Sachs co-
underwrote the offering and were co-lead
arrangers of the bonds, along with a syndi-
cate of financial institutions.
McCarthy Tétrault LLP represented
TD Securities and Goldman Sachs with a
team led by Barry Ryan and including Linda
Brown, Gordon Baird, Matthew Appleby,
Andrew Parker, Seán O'Neill, Adam Barza,
Peter Birkness, Jessica Bishop, Christopher
Langdon, Justin Lapedus, Gabrielle Rich-
ards and David Woollcombe.
Fasken Martineau DuMoulin LLP
was lead project finance counsel to Nalcor
Energ y with a team led by Xeno Martis
(project finance, Montréal) and including
Angela Onesi (project finance, Montréal),
Félix Gutierrez (banking, Montréal), Jean
Michel Lapierre (securities, Montréal),
Helmut Johannsen (construction and
commercial, Vancouver), David Manny
(projects, London), David Little (com-
mercial and projects, Vancouver), Dan-
iel Picotte (commercial and projects,
Montréal), Alain Ranger (tax, Montréal),
Howard Carr (tax, Toronto), André Tur-
mel (regulatory, Montréal), Ron Ezekiel
(regulatory, Vancouver), Peter Feldberg
(regulatory, Calgary) and Ian Cassie (real
estate, Vancouver).
McInnes Cooper was lead Atlantic Can-
ada counsel to Nalcor Energy with a team
led by Tom Kendell, John Green, Joe Mac-
donald, Len Hoyt, Jamie Connolly, Dennis
Clarke, Greg Connors, Jenny Gray, David
MacDougall, Van Penick, George Cooper,
Matt Clarke, James MacDuff, Henry Vis-
ser, Aidan Meade, Nick Whalen, Adrienne
Mercer and Meghan Felt.
Cassels Brock & Blackwell LLP repre-
sented the Government of Canada with
a team including Alison Manzer, Charles
Newman, Peter Sullivan, Jennifer Wasylyk,
Joshua Calderon, Sarah McKinnon and
Suhuyini Abudulai (financial services);
Jonathan Freeman (real estate) and Brian
Dominique (regulatory).
e Department of Justice was repre-
sented by Anne Boudreau and Rhonda
Lazarus.
Emera, an investor in the Labrador Is-
land Link, was represented in-house by
Lewis Smith and John Maclean. Cox &
Palmer advised Emera with a team includ-
ing Shawn Kavanagh, Doug Wright and
Alexander MacDonald in St. John's.
38
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