Expertise
Asset-based Lending
The asset-based lending ("ABL") team is recognized as one of the leading ABL practices in Canada (Lexpert magazine), with more than 20 professionals located in offices in Montreal, Ottawa and Toronto. Almost one third of all lawyers ranked by Lexpert as leading practitioners in ABL in Canada are members of Ogilvy's ABL team. Our ABL team represents a majority of ABL lenders in Canada in a majority of their transactions.
We believe that the integrated, national approach of our ABL group, when combined with the depth of our experience, expertise and tenacity means that we:
- Provide advise and services that address business practicalities as well as the legal technicalities;
- Are a one stop shop for all Canadian legal matters, both common law and Quebec civil law;
- Have developed with our tax specialists innovative and effective cross-border lending structures;
- Have comprehensive knowledge of our clients expectations, practices and personnel;
- Anticipate and address industry-specific issues, with particular expertise in retail, steel, forestry, transportation and manufacturing;
- Implement complex, multi-jurisdictional transactions on short notice, using developed strategies;
We understand that our primary responsibility is to deliver the "deal" expected by the parties, on time and on budget.
We also understand that our responsibilities include working seamlessly with domestic and foreign lender personnel in marketing, underwriting, credit and work-out functions. We know how to highlight differences in law and/or practice while not reinventing the wheel.
In that connection, we work closely with our insolvency and restructuring professionals, with some key cross-over of specialties and extensive working together to advise clients from deal inception to debtor-in-possession financings and formal insolvency proceedings.
With rapidly evolving capital markets and increasingly complex capital structures, the ABL team has extensive relative experience in term loan 'B' (and 'C' and 'D'), high yield, mezzanine and subordinate debt financing structures, having acted on the financings of numerous multi-layered, multi-billion dollar leveraged acquisitions. We have also actively advised ABL lenders seeking to establish businesses in their regulatory needs and in buying and selling finance portfolios.
Services
- Subordinate/Second Lien/Term "B" and mezzanine financing
- Insolvency and restructuring
- Priority disputes
- Receivables financings
- Secured financing
- Equipment financings
- Regulatory
Client Work
High Liner Completes Purchase of FPI
Represented RBC and CIT in issuing of $120m asset-based credit facilities to High Liner Foods as part of its acquisition of assets from FPI Ltd. 
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Challenger Motor Freight Enters into $40M Asset-Based Credit Facility
Represented GE Finance in its senior secured asset-based credit facility for Challenger Motor Freight. More
Corrpro Enters into US$29M Senior Secured Asset-Based Credit Facilities
Represented Bank of America in US$29M senior secured Canadian and US asset-based credit facilities in favour of Corrpro. More
Bank of America's Senior Secured Asset Based Revolving Credit Facility in Favour of Intertape Polymer
Represented Bank of America in US$200M senior secured Canadian and US asset based credit facilities in favour of Intertape. More
Members of the Superior Essex Group of Companies Enter into $350M Senior Secured Asset-Based Credit Facilities
Counsel to Bank of America, N.A. in connection with an asset-based credit facilities made available to Superior Essex. More
House of Tools Company Enters Into Senior Secured Asset Based Credit Facility
Counsel to Bank of America, N.A., as Lender. More
United Rentals Enters into US $1.25B Senior Secured Asset Based Revolving Credit Facilities
Represented the Arrangers and Bank of America, as Agent, in United Rentals $1.25B asset based revolving credit facilities. More
Hood Companies Completes Amendment to its Credit Facilities
Counsel to Bank of America as Administrative Agent in the amendment to the senior secured asset based revolving credit facilities in favour of Hood Companies. More
$85 Million Senior Secured Credit Facility for Carfinco Income Fund
Canadian counsel to Bank of America, as agent, in the restatement of the senior secured credit facility in favour of Carfinco Income Fund. More
$80 Million Senior Secured Credit Facility for Solutions 2 Go Inc.
Acted as counsel to Royal Bank of Canada, as lender and as administrative agent. More
US$500-Million Revolving Facility and US$40-Million Debt Purchase Facility in favour of Aero Inventory PLC and Aero Inventory (UK) Limited
Acted as Canadian counsel to Lloyds TSB Commercial Finance Limited, as arranger, agent, security trustee and debt purchaser. More
US$1.3-Billion Financing of Circuit City Stores
Acted as Canadian counsel to Bank of America, N.A., as administrative agent and collateral agent, and Bank of America, N.A. (through its Canada branch), as Canadian administrative agent and Canadian collateral agent. More
Acquisition and Merger of Salton, Inc. and APN Holding Company, Inc.
Canadian counsel to Bank of America, N.A., as administrative agent, collateral agent and lender, in the US$200,000,000 senior secured credit facility in favour of APN Holding Company. More
$75 Million Asset-based Loan Facility for Bibby Financial Services
Acted as Canadian counsel to Bank of America, N.A., as administrative agent and Canadian agent, in the $75,000,000 asset-based loan facility to Bibby Financial Services. More
Modular Space Corporation Acquires GE Modular Space Business
Acted as counsel for KKR SCF Loan Administration, LLC and Bank of America, N.A. More
Loan Facilities for Foamex LP and Foamex Canada Inc.
Acted as counsel to Bank of America, N.A., as agent, in connection with a US$175 million senior revolving loan, a US$425 million first lien loan and US$175 million second lien term loan facilities. More
Acquisition of Michaels Stores, Inc. North America by Bain Capital Partners LLC and The Blackstone Group
Acted as Canadian counsel to Bank of America, N.A., as agent, in connection with the US$3.4 billion senior revolving and "term B" credit facilities in favour of Michaels Stores. More
ESCO Corporation and Quality Steel Limited Enter into US and Canadian Asset-based Revolving Credit Facilities
Acted as Canadian counsel to Bank of America, N.A., as agent, in connection with the US$110-million U.S. and Canadian credit facilities for ESCO Corporation and Quality Steel Limited. More
Publications
Unions in Canadian Restructurings... Who's the Gatekeeper?
Not for reproduction or publication by any persons other than ABFjournal. More
Important Supreme Court of Canada Decision on Receiver Liability as a Successor Employer
On July 27, 2006, the Supreme Court of Canada released its decision in The Industrial Wood & Allied Workers of Canada, Local 700 v.GMAC Commercial Credit Corporation of Canada et al. dealing with, among other things, the authority of Bankruptcy Courts... More
Canadian Withholding Tax on Loans Between Non-Residents
A non-resident planning to expand its business into Canada must decide whether to carry on the business directly (i.e., through a branch, partnership or joint venture) or to incorporate a Canadian subsidiary. More
Bankruptcy & Corporate Restructuring: Friends, neighbours and business partners - insolvency cooperation between Canada and the US
Canada and the US enjoy a long history of successful economic integration and cooperation. More
Fundamental changes to Canadian insolvency laws
Much to the astonishment of Canadian finance and insolvency professionals, Bill C-55, an Act to establish the Wage Earner Protection Act, to amend the Bankruptcy and Insolvency Act, and the Companies' Creditors Arrangement Act and to make consequential... More
Asset-Based Lending - Recent Developments of Importance
The financing market seems able to constantly adapt to the needs of lenders/pools of capital and to business borrowers. More
Asset-based Lending in Canada
The financing market seems able to constantly adapt to the needs of lenders/pools of capital and to business borrowers. More
Converging Practice & Procedure in Canada. A "Kinder, Gentler" Insolvency Process
In Canada, the two most notable trends over that last few years have been a continuing convergence of substantive and procedural aspects of previously distinct processes, and a movement toward a "kinder, gentler" insolvency process, which has been more... More
Successor Employer Issues: Unions Emerge as Key Stakeholders in Canadian Restructurings
In Canada, the landscape for loan restructuring has been altered by an increased and more aggressive activism in the bankruptcy process by labor unions clearly dissatisfied with their historical treatment in Canadian insolvencies. More
Nice assets, here's cash
More small and mid-sized companies are choosing this flexible form of financing. More
Quebec... No Longer Feared in ABL Workouts
Insolvency and restructuring proceedings in Canada in general, and in Quebec in particular, have evolved in ways which are favorable to the asset-based lending marketplace. More
Fraudulent Conveyances: US & Canadian Legislation
While lenders in the US will be familiar with the caution to "always lend to your assets", many may not be aware that the foregoing principle derives from fraudulent conveyance concerns under the US Bankruptcy Code. More
Financing A Canadian Restructuring: Are There Any DIPs in Canada?
While U.S. borrowers are able to finance themselves while they try to restructure by seeking debtor-in-possession More
Media Highlights
Top Cross-Border Lawyers and Deals: Ogilvy Renault Leads the Pack
Ogilvy Renault acted on the number one cross-border deal of 2006 according to Lexpert's Top 10 list featured in the 2007 Lexpert Guide to the Leading U.S./Canada Cross-Border Corporate Lawyers in Canada. More
