LEXPERT MAGAZINE
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NOVEMBER/DECEMBER 2016 25
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CORPORATE TRANSACTIONS OF IMPORTANCE
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Fenner & Smith Inc. and Scotia Capital
(USA) Inc. acted in their capacity as as
joint book-running managers for the initial
purchasers of the notes.
e net proceeds of the note offering
will be applied by CCL to repay amounts
owed under its revolving credit facility.
CCL was represented in Canada by Mc-
Millan LLP with a team that included
Paul Collins (securities) and Eric Fried-
man (financial services) and in the US by
Warner Norcross & Judd LLP with a
team that included Charlie Goode (secu-
rities), Mark Wassink (financial services),
Emily Cantor (corporate) and Corinne
Sprague (corporate) and by Hodgson Russ
LLP with a team led by Joseph McKernan.
Addleshaw Goddard LLP acted as UK
counsel to CCL Industries (UK) Ltd. with
a team comprising Richard Lee, Richard
Chandler and Michael McDonald.
e initial purchasers were represented
in the US by Shearman & Sterling LLP
with a team including Jason Lehner, Ana
Aur, Joanna Enns and Minkyu Park.
e initial purchasers were represented
in Canada by Davies Ward Phillips &
Vineberg LLP with a team comprising
Anthony Spadaro and Aaron Atin.
Oil & Gas Oil & Gas
STERLING
RESOURCES COMPLETES
RECAPITALIZATION
CLOSING DATE: MAY 30, 2016
On May 30, 2016, Sterling Resources Ltd.
("Sterling") closed a series of recapitaliza-
tion transactions (the "Recapitalization")
in relation to its wholly owned subsidiary's
senior secured bond (the "Bonds"). Pursu-
ant to the Recapitalization, on the closing
date Sterling: (1) completed a rights of-
fering by way of a short-form prospectus
dated April 20, 2016, that raised aggre-
gate gross proceeds of $1,303,646.48, all
of which were used to release and cancel a
portion of the outstanding liabilities un-
der the Bonds; (2) issued an aggregate of
14,192,862,213 common shares to or on
behalf of the holders of the Bonds in ex-
change for the release and cancellation of
approximately US$173 million of further
liabilities under the Bonds; and (3) entered
into an amended and restated agreement
governing the remaining liabilities under
the Bonds of approximately US$40 mil-
lion, a new super senior credit facility with
certain of the holders of the Bonds in the
amount of US$40 million and an inter-
creditor agreement.
Stikeman Elliott LLP advised Sterling
and its affiliates with a team led by Keith
Chatwin that included Andrew Beamer,
Jennifer McPherson and Derek Schiissler
(securities/corporate finance), Amy Nu-
gent (banking) and David Weekes and
Julie D'Avignon (tax). Bracewell (UK)
LLP acted as UK counsel to Sterling and
its affiliates with a deal team consisting of
Jason Fox, Alastair Young, Nicholas Neu-
berger and Olga Galin (securities/corpo-
rate finance) and Suchita Woodward and
Luka Pavlovic (banking). Burness Paull
LLP also acted as UK counsel to Sterling
Steve Zakem
|
Managing Partner
| szakem@airdberlis.com |
416.865.3440
airdberlis.com
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