Elizabeth Burton

Representative Work

Agricultural financing

• Counsel in 2020 to two bank joint financing for US $56,900,000 senior secured credit facilities to an Alberta cattle feedlot and farming operation.
• Canadian lead counsel in 2020 to the agent and lender syndicate for US$100 million syndicated senior secured credit facilities to an established West Canadian and US cattle rancher.
• Counsel in 2019 to the agent and lending syndicate for $83-million syndicated senior secured credit facilities to an Alberta cattle feedlot operator with extensive land holdings in Alberta, including ongoing matters in 2020.
• Counsel in 2019 to a major Canadian financial institution for a joint venture acquisition senior secured credit facilities provided to an Alberta cattle ranch joint venture, including ongoing matters in 2020.

Indigenous financing

• Ongoing counsel to River Cree Enterprises Limited Partnership, a business entity of The Enoch Cree Nation, in its C$200-million cross-border private placement of 11% senior secured second lien notes, the first cross-border bond issue by a Canadian First Nation-owned business entity, and in its $55-million syndicated credit facilities, both utilized in its subsequent purchase of the minority stake in the River Cree Resort and Casino held by Paragon Gaming to acquire sole ownership, including ongoing matters in 2020.
• Financing counsel in 2019 to Piikani First Nation, which became the first Alberta First Nation to purchase and own a high voltage transmission line, in respect to acquisition financing provided for the purchase through its subsidiary Piikani Transmission Holding Limited Partnership of a 51% interest in PiikaniLink LP from AltaLink, Alberta's largest electricity transmission provider providing Piikani Nation with an ownership interest in the electricity transmission line and associated substation equipment crossing its land.
• Counsel to major Canadian financial institution in respect of the expansion and broader implementation of its Indigenous Lending program in 2019, including ongoing matters in 2020.

Real estate financing (non-restructuring)

• Counsel in 2020 to the agent and lending syndicate for $121 million senior secured acquisition and development credit facilities in respect of an Edmonton commercial leasing project and future condominium development.
• Counsel in 2020 to agent and lenders' on syndicated $135 million financing of a multi-phase approximately 640 acre portion of a 1,000 plus acre residential development in Calgary to a large western Canadian real estate developer.
• Counsel in 2020 to PBA Hotels Ltd. in its construction financing of the Dorian Hotel under development in Calgary, with an anticipated opening date in 2022.
• Counsel in 2020 to a major Western Canadian developer in connection with its $280.5 million senior secured credit facilities provided by a syndicate of major Canadian lending institutions in respect of a multi-purpose luxury living community development in Calgary, Alberta.

Energy financing (non-restructuring)

• Counsel in 2021 to Pipestone Energy Corp., an oil and gas exploration and production company, on the amendment and restatement (and renewal) of its syndicated borrowing base credit facilities with a syndicate of banks, re-affirming its borrowing base at $225 million.
• Counsel in 2021 to the administrative agents and lending syndicates for borrowing base financings provided to two energy companies in connection with their successful joint acquisition of key strategic energy interests in northwest Alberta.
• Counsel in 2020 to the agent and lenders in connection with amended credit facilities provided to Stream Asset Financial Lumos LP (SAF Lumos) in connection with the transfer of the rental agreements previously between with Bellatrix Exploration Ltd. (Bellatrix) and SAF Lumos, which were transferred to Spartan Delta Corp. (Spartan) and the intercreditor arrangements related to those rental agreements.
• Counsel in 2020 to a junior oil and gas development company in connection with its C$40 million senior secured credit facility.
• Counsel in 2020 to Pipestone Energy Corp., a public oil and gas exploration and development corporation in respect of a re-financing of its existing credit facilities to a $225 million borrowing base loan, consisting of $195 million syndicated revolving facility and $30 million bilateral operating facility, with additional accordion possible of up to a further $25 million, and counsel in 2019 in respect to its $198.5 million two-year first lien credit facility provided concurrent with its amalgamation completed by way of plan of arrangement in 2019.

Diversified financing

• Counsel in 2019 to a three bank syndicate for a $114 million (with $35 million accordion option) senior secured credit facilities for acquisition and refinancing purposes of a parent holding company with multiple subsidiaries engaged in diverse transportation, manufacturing, wholesale and retail sales and services businesses.
• Counsel in 2019 to a two bank syndicate for a $71 million senior secured acquisition credit facilities engaged in energy transportation and services businesses.

Restructuring transactions

• Counsel in 2020 to Delphi Energy Corp.'s (Delphi) first lien lenders and agent, on Delphi's proceedings under the Companies' Creditors Arrangement Act, including the loan assignment and assumption of the first lien debt by the lenders to Luminus Energy IE Designated Activity Company, and the provision of interim financing (letter of credit facility) provided by ATB Financial as lender to Delphi, secured as a third-ranking super priority charge
• Counsel in 2020 to a major Canadian financial institution in connection CCAA exit financing to an oil sands development company.
• Counsel in 2020 to major Canadian financial institution in connection with challenge to CCAA protection filing by Strategic Group and assumption of its Alberta property mortgages under subsequent Strategic Group's receivership proceedings.
• Ongoing counsel to Western Canadian equipment financing company in respect to its forbearance arrangements and debt enforcement processes.

Local counsel transactions

• Alberta counsel in 2020 to a global chemical company and its Canadian subsidiaries on an offering of €325,000,000 million of 3 3/8% senior secured notes due in 2026.
• Canadian financing counsel in 2019 to Absorb Software Inc., a portfolio company of Silversmith Capital Partners Inc., in connection with the financing of its acquisition of eLogic Learning and in 2020 amendment and restatement of such credit facilities.
• Alberta counsel in 2019 to a global chemical company and its Canadian subsidiaries on an offering of €770 million of 2% senior secured notes due in 2026.
• Canadian financing counsel in 2019 to Silversmith Capital Partners for acquisition financing in respect to its US$71 million investment in PDFTron Systems.