Credit Suisse in its capacity as agent for the first lien lenders to Dominion Diamond Mines ULC

On April 21, 2021, Dominion Diamond Mines ULC was granted protection under the Companies’ Creditors Arrangement Act. Credit Suisse AG, Caymen Islands Branch, was named agent for the first lien lenders to Dominion. Following a failed sale transaction that resulted from Dominion’s sale and investment solicitation process within the CCAA proceedings, Osler was instrumental in structuring a deal between Dominion, the First Lien Lenders and certain second lien bondholders to Dominion, whereby nearly all of Dominion’s assets were sold as a going concern and a liquidation was avoided. Osler was also instrumental in structuring a deal between Dominion, the First Lien Lenders and a subsidiary of Rio Tinto for the purchase and sale of Dominion’s interest in a second diamond mine located in the Northwest Territories. Together, these transactions resulted in substantially all of Dominion’s property being purchased, the US$60 million debtor-in-possessional facility being repaid, the approximately US$180 million of funded debt and issued letters of credit under the First Lien Lenders’ credit facility being repaid or satisfied in full, and an application being brought by the Monitor for approval of a distribution to the second lien bondholders.

Dominion Diamond Mines ULC is a Calgary based diamond mining company and is one of the largest employers in the Northwest Territories.

Osler, Hoskin & Harcourt LLP advised Credit Suisse with a team consisting of Marc Wasserman, Michael De Lellis, David Rosenblat (Insolvency & Restructuring), Emily Paplawski (Litigation), Alan Hutchison (Corporate), Jacqueline Code and Mary Angela Rowe (Research), Joyce Bernasek and Yasir Samad (Banking & Financial Services).