LEXPERT MAGAZINE
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MARCH 2017 29
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CORPORATE TRANSACTIONS OF IMPORTANCE
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Ronnie Ollo (corporate), Alice Eaton and
Claudia Tobler (restructuring) and David
Mayo and Lucas Deppermann (tax).
Bennett Jones LLP represented Canso
Investment Counsel Ltd., the majority
holder of First Lien Notes, with a team that
included Mark Rasile, David Rotchtin and
Daniel Cipollone (financial services/corpor-
ate finance), Richard Orzy and Sean Zweig
(restructuring), Jeffrey Kerbel and Kristo-
pher Hanc (securities/corporate finance) and
John van Gent (real estate).
Osler, Hoskin & Harcourt LLP repre-
sented the Ad Hoc Committee of Second
Lien Noteholders with a team that included
Marc Wasserman and Martino Calvaruso
(restructuring), Kevin Morley and Joshua
Lam (banking), Don Gilchrist and Rob Lan-
do (corporate), Firoz Ahmed and Greg Wylie
(tax), Michelle Lally (competition) and Jer-
emy Dacks (litigation).
Dickinson Wright LLP represented
Computershare Trust Company of Canada
in its capacity as trustee and collateral agent
with a team that included Mike Weinczok
(restructuring & corporate), Mark Redinger
and Robert Farmer (corporate).
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
EDC PROVIDES
US$50M "MASALA LOAN"
TO INDIA'S IL&FS
CLOSING DATE: NOVEMBER 18, 2016
On November 18, 2016, Export Develop-
ment Canada ("EDC") provided the rupee
equivalent of US$50 million in financing
to IL&FS Transportation Networks Lim-
ited ("ITNL," the largest BOT Road Asset
owner in India in terms of length of road in
its portfolio), a wholly owned subsidiary of
Infrastructure Leasing & Financial Services
("IL&FS"), a major infrastructure developer
based in Mumbai, India.
is is the first-ever disbursed "Masala
Loan" under the new ECB regulatory frame-
work notified by the Reserve Bank of India
on November 30, 2015.
ese loans allow an eligible financial in-
stitution outside India to make an Indian
rupee loan to a borrower in India. Masala
Loans may now be made thanks to Reserve
Bank of India changes introduced with effect
from December 2, 2015.
e goal of this landmark financing is to
fulfill the needs of Indian companies and to
make it easier for Canadian suppliers to do
business in India, thus enhancing the Indo-
Canadian partnership in various areas of
infrastructure development.
e financing generates new opportun-
ities for small- and medium-sized Canadian
companies to get new business from IL&FS.
e Masala Loan proceeds will be used for
refinancing of existing domestic debt and for
general corporate purposes.
Since 2013, IL&FS has procured approxi-
mately US$2 million in goods and services
from Canadian companies. EDC's financing
aims to increase this amount to more than
US$4 million per year.
Stikeman Elliott LLP teamed up with
India's AZB & Partners to assist EDC in its
collaboration with e Bank of Nova Scotia,
the agent bank. EDC was represented by an
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