LEXPERT MAGAZINE
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APRIL/MAY 2016 21
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CORPORATE TRANSACTIONS OF IMPORTANCE
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team that included Xiaofeng Cheng, Went-
ing Jiang, Chaohui Wang, Zhiwei Xu and
Yingping Chen.
Eldorado's legal team, led by Dawn Moss,
included Fasken Martineau DuMoulin
LLP (Josh Lewis, Lata Casciano and Bar-
inder Sidhu) as Canadian counsel; Her-
bert Smith Freehills LLP (Tony Damian
and Malika Chandrasegaran) as Australian
counsel; Morrison & Foerster LLP (Paul
McKenzie and King Lai) as Hong Kong
counsel; and Jun He LLP (Audrey Chen
and Henry Shi) as Chinese counsel.
Borden Ladner Gervais LLP acted as le-
gal counsel to Eldorado's Special Committee
led by Fred Pletcher and Julie Bogle.
Energy & Power Pipelines
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Consumer Staples
INTER PIPELINE ACQUIRES
REMAINING 15%
INTEREST IN THE COLD
LAKE PIPELINE SYSTEM
FROM CANADIAN NATURAL
CLOSING DATE: DECEMBER 16, 2016
On December 16, 2016, Inter Pipeline Ltd.
("Inter Pipeline") completed its acquisition
of the remaining 15 per cent interest in the
Cold Lake pipeline system from Canadian
Natural Resources Limited ("Canadian Nat-
ural") for $527 million, subject to closing ad-
justments. As a result of the acquisition, Inter
Pipeline assumes 100 per cent ownership of
the Cold Lake pipeline system.
Canadian Natural received $350 million
in cash and $177.5 million through the is-
suance of 6,417,740 Inter Pipeline common
shares in consideration for its Cold Lake
ownership interest.
Funding of the cash component of the
acquisition was provided from proceeds of a
new 10-year medium-term note offering.
Concurrent with the closing of this acqui-
sition, Inter Pipeline has entered into a bind-
ing long-term take-or-pay agreement with
Canadian Natural to transport diluent and
bitumen blend for its Kirby North SAGD oil
sands project.
e agreement will trigger the construc-
tion of a new $125-million pipeline connec-
tion to the Kirby North production facility.
Service for the new connection is targeted for
the first quarter of 2020.
Inter Pipeline was represented internally
by Anita Dusevic Oliva, Vice President,
Legal, with a team including Kent Chicilo,
Senior Legal Counsel and Kristen Simpson,
Legal Counsel.
Torys LLP acted as counsel to Inter Pipe-
line, with a team including Chris Christo-
pher, Alanah Wiberg, and Carleigh Knoll
(energy), Dany Assaf (competition), Craig
Maurice (tax), David Bish (bankruptcy/
insolvency) and Lianne Tysowski (securi-
ties). Burnet, Duckworth & Palmer LLP
acted as counsel to Inter Pipeline in relation
to financing matters, with a team including
William Maslechko, James Kidd and Jessica
Brown (securities) and Heather DiGregorio
and Brandon Holden (tax).
Canadian Natural was represented by an
internal team comprising Paul Mendes, Vice-
President, Legal, General Counsel & Corpo-
rate Secretary and Peter Andrekson, Assis-
tant Corporate Secretary & Legal Counsel.
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