Narrative
Full Description
Project narrative
On February 25, 2019, financial close was reached on a deal in which a syndicate of 17 banks — including Bank of China (Canada) and China Construction Bank Toronto Branch — entered into a $350 million CAD syndicated loan agreement with SemCAMS Midstream ULC — a Calgary-based natural gas processing and infrastructure company. The maturity of the loan was 5 years and the interest rate was LIBOR plus an applicable margin. The use of proceeds was for general corporate purposes. While Bank of China (Canada) contributed $13,125,000 CAD to the term loan and $16,875,000 CAD to the revolving credit facility (Record ID#110434), and China Construction Bank Toronto Branch contributed $13,125,000 CAD to the term loan and $16,875,000 CAD to the revolving credit facility (Record ID#110435), the following lenders also participated: The Toronto-Dominion Bank ($32,812,500 CAD), Canadian Imperial Bank of Commerce ($32,812,500 CAD), Bank of Montreal ($32,812,500 CAD), Wells Fargo Bank, N.A., Canadian Branch ($32,812,500 CAD), The Bank of Nova Scotia ($24,062,500 CAD), National Bank of Canada ($24,062,500 CAD), Royal Bank of Canada ($24,062,500 CAD), HSBC Bank Canada ($24,062,500 CAD), ING Capital LLC ($24,062,500 CAD), Canadian Western Bank ($13,125,000 CAD), ATB Financial ($13,125,000 CAD), MUFG Bank, Ltd., Canada Branch ($13,125,000 CAD), Mizuho Bank, Ltd. ($13,125,000 CAD), CIT Bank, N.A. ($9,843,750 CAD), and Business Development Bank of Canada ($9,843,750 CAD). On June 13, 2019, financial close was reached on an amended deal in which a syndicate of 18 banks — including Bank of China (Canada), Bank of China Toronto Branch, and China Construction Bank Toronto Branch — entered into a $350 million CAD amended syndicated loan agreement with SemCAMS Midstream ULC. This amendment replaced the previous February 2019 agreement and introduced three new credit facilities: a $500 million CAD revolving credit facility, a $300 million CAD KAPS facility, and a $25 million CAD operating facility. The maturity of the amended loan was 5 years and the interest rate was LIBOR plus an applicable margin. Bank of China (Canada) contributed $13,125,000 CAD to the term loan and $16,875,000 CAD to the revolving credit facility across both transactions (Record ID#110436), Bank of China Toronto Branch contributed $3,000,000 CAD to the revolving credit facility and $12,000,000 CAD to the KAPS facility (Record ID#110437), and China Construction Bank Toronto Branch contributed $13,125,000 CAD to the term loan, $19,275,000 CAD to the revolving credit facility, and $9,600,000 CAD to the KAPS facility (Record ID#110438). The following lenders also participated: The Toronto-Dominion Bank ($32,812,500 CAD term; $26,187,500 CAD revolving; $36,000,000 CAD KAPS; $25,000,000 CAD operating), Canadian Imperial Bank of Commerce ($32,812,500 CAD term; $51,187,500 CAD revolving; $36,000,000 CAD KAPS), Bank of Montreal ($32,812,500 CAD term; $51,187,500 CAD revolving; $36,000,000 CAD KAPS), Wells Fargo Bank, N.A., Canadian Branch ($32,812,500 CAD term; $51,187,500 CAD revolving; $36,000,000 CAD KAPS), The Bank of Nova Scotia ($24,062,500 CAD term; $36,537,500 CAD revolving; $22,400,000 CAD KAPS), National Bank of Canada ($24,062,500 CAD term; $36,537,500 CAD revolving; $22,400,000 CAD KAPS), Royal Bank of Canada ($24,062,500 CAD term; $36,537,500 CAD revolving; $22,400,000 CAD KAPS), HSBC Bank Canada ($24,062,500 CAD term; $36,537,500 CAD revolving; $22,400,000 CAD KAPS), ING Capital LLC ($24,062,500 CAD term; $30,937,500 CAD revolving), Canadian Western Bank ($13,125,000 CAD term; $19,875,000 CAD revolving; $12,000,000 CAD KAPS), ATB Financial ($13,125,000 CAD term; $19,875,000 CAD revolving; $12,000,000 CAD KAPS), MUFG Bank, Ltd., Canada Branch ($13,125,000 CAD term; $19,875,000 CAD revolving; $12,000,000 CAD KAPS), CIT Bank, N.A. ($9,843,750 CAD term; $14,856,250 CAD revolving; $8,800,000 CAD KAPS), Mizuho Bank, Ltd. ($13,125,000 CAD term; $16,875,000 CAD revolving), and Business Development Bank of Canada ($9,843,750 CAD term; $12,656,250 CAD revolving).
Staff comments
1. The entirety of the loan contract can be accessed at https://www.sec.gov/Archives/edgar/data/1489136/000119312519176491/d769556dex101.htm 2. SemCAMS Midstream ULC is a Canadian energy company based in Calgary, Alberta, primarily engaged in natural gas gathering, processing, and transmission. It was formed in January 2019 as a joint venture between SemGroup Corporation and KKR. In late 2019, Energy Transfer acquired a majority interest, and by December 2020, it was rebranded as Energy Transfer Canada ULC. 3. AidData cannot estimate the interest rate because the applicable margin is based on the EBITDA rate of the company which is not disclosed.