Date Closed

November 12, 2009

Lead Office

Toronto

Value

50.00 Million USD

On November 13, 2009, Primary Energy Recycling Corporation (PERC) announced the closing of a US$105 million secured term loan facility (the new credit facility). On November 12, 2009, PERC also completed its previously announced US$50 million rights offering. A total of approximately 96 million subscription receipts were issued in connection with the rights offering and approximately 143 million subscription receipts were subscribed for by rightholders, representing an approximate 48% oversubscription. Concurrently with the refinancing of the existing term loan, each subscription receipt was automatically exchanged for one common share of PERC.  The proceeds of the new credit facility and the rights offering have been applied to fully retire PERC's outstanding US$131 million term loan.

McCarthy Tétrault LLP acted for the standby purchasers under the rights offering with a team that included Henry Wiercinski (financial services); Andrew Parker and Leila Rafi (corporate and securities); James Morand (tax) and James Gage (bankruptcy and insolvency).