River Cree Resort and Casino
Torys acted as counsel to River Cree and The Enoch Cree Nation in River Cree's C$200 million cross-border private placement of 11% senior secured notes, the first cross-border bond issue by a First Nation in Canada.
On January 15, 2014, River Cree Enterprises Limited Partnership (River Cree) announced the issuance of C$200 million aggregate principal amount of senior secured second lien notes, the first ever cross-border bond issue by a Canadian First Nation-owned business entity. The notes carry a coupon rate of 11% and will mature on Jan. 20, 2021. The bonds were purchased by a cross section of institutional investors in both Canada and the United States.
The proceeds from the private placement was used to acquire sole ownership of the River Cree Resort and Casino, after completing a deal to purchase the minority interest in the Resort held by Las Vegas-based casino operator, Paragon Gaming.
River Cree Enterprises Limited Partnership, the business entity of The Enoch Cree Nation, owns the River Cree Resort and Casino, a casino, hotel and sports and entertainment complex located on the Enoch Cree Nation Reserve bordering Edmonton.
Further information can be found on Edmonton Journal's' website.
Torys acted as counsel with a team that included David Chaikof, Thomas Yeo, Morgan Crockett, David Leith and Sarah Carter (corporate/securities), Tom Zverina and Elizabeth Burton (lending), Christopher Roehrig (U.S. securities), Corrado Cardarelli and Richard Johnson (Canadian tax), Peter Keenan and Ari Feder (U.S. tax).
Torys also acted on the following in connection with this project:
- River Cree and The Enoch Cree Nation in its purchase of the River Cree Resort and Casino from Paragon Gaming
- CIBC World Markets and a group of investors, led by AIG Annuity Insurance Company, as the lenders, in Paragon Gaming EC Company's C$153 million cross-border offering of senior secured notes, the proceeds of which were used to finance the development and construction of the River Cree Resort and Casino on the Stony Plain reserve near Edmonton, Alberta
| Jurisdiction | Enoch Cree 135 |
| Province/State | Alberta |
| Country | Canada |
| Nature of Engagement | Refinance, M&A |
| Client | River Cree and The Enoch Cree Nation |
| Client Role | Project Owner |
| Value | $200,000,000 CAD |
| Key Features | Indigenous involvement |