OPTI Canada to repay term loan B with bond proceeds

By Sara Rosenberg

New York, June 25 - OPTI Canada Inc. plans to retire its existing $450 million term loan using a potion of the proceeds from a proposed $750 million senior secured notes offering, according to a company news release.

Remaining bond proceeds will be used to fund a portion of the company's share of costs associated with phase 1 of the Long Lake Project, as well as to fund upfront development costs for phase 2.

Completion of these transactions is anticipated prior to the end of July.

OPTI Canada Inc. is a Calgary, Alberta-based company focused on developing the fourth and next major integrated oil sands project in Canada, the Long Lake Project, in a 50/50 joint venture with Nexen Inc.

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