North West Redwater Partnership

Detailed scope:

The North West Redwater Partnership (NWRP) is a joint venture between North West Upgrading Inc. and Canadian Natural Resources Limited (CNRL), with each company owning 50% stake in the Partnership.

The Partnership targets to build and operate a world class bitumen refinery in Alberta’s Industrial Heartland, which will add significant value to the bitumen resources in a responsible and sustainable manner. It's a vision shared by the Alberta Government, which has clearly stated its own goal is to position the province as a global energy leader, an energy technology champion and a solid, global environmental citizen.

DCC has been engaged to:

• Participate and Assist in the set up and execution of all Debt Financing activities of NWRP including a $3.5B Syndicated Credit Facility and $7.5B of Bond Issuances with a Syndicate of 18 Banks including Joint Leads Canadian Imperial Bank of Commerce (CIBC), Royal Bank of Canada (RBC) and JP Morgan (JPM).
• Representing NWRP in all Financing Activities, discussions and decisions with the Joint Leads, their respective Counsels, and NWRP’s Partners and Toll Payers, CNRL and Alberta Petroleum Marketing Corporation (APMC), and Agent of the Crown of Alberta.
• Financing Activities including:
  • Participation in the development of Rating Agency Presentation for DBRS, Standard & Poor’s (S&P), and Moody’s and all follow up activities post presentations
  • Finalizing all of the various Financing closing documents including the Definitive Agreements for the:
    •  Syndicated Credit Facility
    •  Bond and Bond Indenture
    •  Inter Creditor Agreements
    •  Direct Lender and Collateral Agent
    •  Trust Agreement
    •  Offering Memorandum and the Confidential Information Memorandum (CIM), used to finalize the Banking Syndicate
  • Lead and coordinate all Due Diligence activities with the various Underwriter’s Counsel in Canada and United States necessary to close the Bond and Syndicated Credit Facility financings
  • Participation in the Bond Road show to market the Bonds, and strategies on tenure of Bond, fixed vs. floating interest rate and any hedging opportunities for currency and interest rate