Opti Canada bank meeting scheduled for Wednesday

New York, April 13 - Opti Canada Inc. has scheduled a bank meeting for Wednesday afternoon to launch its $400 million seven-year term loan B.

The loan is expected to be approximately 50% funded immediately and 50% delayed draw for six months.

Price talk is not yet available.

RBC Capital Markets is the lead bank on the deal, which will be syndicated to institutional investors located primarily in the United States,. The Toronto-Dominion Bank, The Royal Bank of Scotland plc, The Bank of Nova Scotia and BNP Paribas (Canada) are involved as well.

In addition, the company has received a commitment for a C$300 million six-month bridge loan that is expected to be drawn around mid-April for the repayment of the company's existing C$100 million facility.

Proceeds from the term loan B will be received in two installments over a six-month period and will be used to repay the C$300 million bridge loan and to fund previously announced oil sands expenditures for the Long Lake Project and expansion phases.

The term loan B is expected to close in May.

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

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