Banking and finance in Canada

Blake, Cassels & Graydon LLP

Known for its strong links with Canadian, American and global financial services institutions, Blake, Cassels & Graydon LLP offers a holistic banking and finance practice, covering both transactional and regulatory issues. With locations in the four business centres of Toronto, Montreal, Calgary and Vancouver, its national team is positioned effectively to lead on domestic banking matters, while its international office network makes it a leading choice for clients with cross-border needs, including household names like Credit Suisse. Paul Belanger leads the national team from the Toronto office, advising service providers on regulatory issues, including governance, risk management and other areas. Also based in Toronto is Michael Matheson, who co-led a multi-jurisdictional matter for Intact Financial Corporation worth C$12.3bn. The Calgary-based Michael McIntosh has also been busy, advising on construction credit facilities to TC Energy for multiple major oil and LNG projects. Also based in Calgary is Nick Tropak, who maintains a broad financial practice. Simon Finch is known for his work with foreign financiers, in particular relating to private debt transactions. Aimee Yee is particularly active in cross-border refinancing transactions, while counsel Mena Bellofiore provides high-end financial regulatory compliance work.

Key clients

AST Financial

Ascot Resources Ltd.

Canadian Imperial Bank of Commerce

Canadian Tire Bank

Credit Suisse AG Cayman Islands Branch

Desjardins Capital Markets

ENMAX Corporation

Intact Financial Corporation

Kinder Morgan Canada Limited


Pacific Equity Partners

Royal Bank of Canada

Sagen MI Canada Inc.

Silicon Valley Bank

Sumitomo Mitsui Banking Corporation, Canada Branch

TC Energy Corporation

TD Bank

Work highlights

  • Advised Intact Financial Corporation in connection with its proposed C$12.3bn acquisition, together with Tryg, of RSA Insurance Group.
  • Advised TC Energy and CGLLP on the $C6.8bn project financing with respect to the construction of the Coastal GasLink Pipeline Project.
  • Advised Sagen MI Canada on its C$1.6bn acquisition by Brookfield Business Partners.

McCarthy Tétrault

Known for the breadth of its transactional experience (covering acquisition financing, syndicated lending, structured financing, refinancings and restructuring of loans), McCarthy Tétrault offers banking support to top-flight international and domestic clients. It is particularly well regarded for its strength in project financing. With an integrated approach, the team leverages its broad array of commercial practices to support its banking clients in regulatory matters. Beyond that, it also offers litigation services to a number of Canadian financial institutions, including in class-action lawsuits related to regulatory matters. Richard Higa is known for his well-established transactional practice, with recent highlights including advice to Bank of America on a C$19bn bridge loan to Rogers Communications to facilitate the purchase of Shaw Communications. Another key figure on the transactional side is Stephen Furlan, who is highly regarded for his work in structuring and negotiating substantial project finance loans. His notable work has included advising a syndicate of 11 lenders on the C$1bn Cascade power plant projects. Ana Badour and Barry Ryan head up the firm’s regulatory work, with Badour known for acting on behalf of government agencies, industry associations as well as foreign and domestic banks. Justin Lapedus is known for his multi-jurisdictional financing work, and Ian Mak and Noel Chow ‘offer excellent knowledge and timely service and are great in communication’. Marc MacMullin heads the practice as part of the broader financial services team.

Practice head(s):

Marc MacMullin


‘We are very happy with McCarthy Tétrault’s legal service we have been provided so far. They are very knowledgeable and provide timely communications. We rely on their expert opinion and they are quick to reach out to other members of the team to confirm if the question falls outside of their area of expertise.’

‘Ian Mak and Noel Chow offer excellent knowledge and timely service and are great in communication.’

‘I find McCarthy Tétrault’s Banking and Finance practice unique due to its ability to provide expert advice quickly and in real-time. Problems are always evolving quickly in the type of banking matters that this firm handles for us. The lawyers we work with at McCarthy’s are always up to speed on our files, or often anticipating what comes next, and are able to provide meaningful advice.’

‘Nancy Carroll’s subject matter expertise and her rich experience set her apart from any other lawyer I have engaged. Nancy is invaluable due to her ability to go well beyond simply interpreting the legislative framework for us. She is able to draw on experience and articulate clearly how various regulators operate. She anticipates future issues that will arise.’

Key clients

ATB Financial

Bank of Montreal

Banneker Partners LLC

Canadian Imperial Bank of Commerce

HPS Investment Partners, LLC

HSBC Bank Canada

Jefferies Finance LLC

Kruger Inc.


National Bank of Canada


The Bank of Nova Scotia

The Manufactures Life Insurance Company

The Toronto-Dominion Bank

RBC Capital Markets

Pacific Life Insurance Company

Desjardins Group/Fédération des caisses Desjardins du Québec

Antares Capital

Gollub Capital

Silicon Valley Bank

Owl Rock Capital Corporation

Twin Brook Capital Partners

Coinsquare Ltd.

Gemini Trust Company

Galaxy Digital Capital Management LP

The Royal Bank of Canada

Constellation Software Inc.

Work highlights

  • Advised Credit Suisse and a syndicate of lenders in connection with the financing of Stonepeak’s acquisition of Xplornet.
  • Advised HPS Investment Partners as agent and lender in closing Bombardier’s new $1bn senior secured term loan facility.
  • Advising Gemini Trust Company, which is acting as subcustodian, on multiple matters relating to cryptocurrency offerings.

Davies Ward Phillips & Vineberg LLP

Acting on a range of domestic and international financings, the team at Davies Ward Phillips & Vineberg LLP provides a comprehensive service to its client roster, which includes insurers, pension funds, and all of the Big Six Canadian banks. Though known for its work on behalf of borrowers, it has been increasingly acting on behalf of lenders, particularly in matters relating to acquisitions and project financing. It also acts for private sector consortiums on the financing of public-private partnerships (PPPs). Notable work this year includes acting for the Canada Enterprise Emergency Funding Corporation to provide circa C$6bn in funding to Air Canada relating to the pandemic; Toronto team leader Carol Pennycook was involved in the transaction. Joel Scoler is highlighted for his work on behalf of a number of Schedule I banks; Anthony Spadaro is well regarded for his work with renewables and PPPs; and William Buchner is known for cross-border work. Dan Wolfensohn leads the Montreal team.


‘The team is very knowledgeable and experienced, which they leverage into providing practical, timely and efficient advice on the issues which are most important to the business.’

‘Anthony Spadaro is an excellent banking lawyer. His advice is thorough and practical and allows us to move forward on transactions in a very efficient manner.’

‘The Davies team, led by Scott Hyman, have by far the best grasp of what market practices and standards are for banking. Their broad scope of clients allows for insights on what the market will bear and gives us the best possible representation in our negotiation with the banks.’

‘Scott Hyman is by far the best legal counsel I have ever worked with. His knowledge of the space and his ability to articulate and argue for points that matter to us is unparalleled. Scott has this ability to anticipate what the other side will argue and comes up with points to defend our position and even put their position on shaky ground. He is able to get us the best possible deal. In addition, Stephen Dalby has joined the file and he is an incredibly skilled and knowledgeable barrister. ’

‘Its strength and capabilities are: strong industry and sector-specific knowledge, experience in contractual negotiations with counterparties, and responsiveness to transaction timelines and deadlines. These key strengths and capabilities are often times superior to those of other firms.’

‘The individuals we work with at Davies intimately understand the key areas of legal due diligence and transaction documentation that matter to us. They provide comfort that the legal diligence and contractual aspects of the transactions we participate in are structured properly and mitigate potential risks to the greatest extent possible.

Key clients

Royal Bank of Canada

Toronto-Dominion Bank

Bank of Nova Scotia/Bank of Montreal

Canadian Imperial Bank of Commerce

Manufacturers Life Insurance Company

Fortis Inc.

Barrick Gold Corporation

Alimentation Couche-Tard Inc.

Work highlights

  • Acted for Canada Enterprise Emergency Funding Corporation in connection with Air Canada’s approximately C$6bn financing agreements with the Government of Canada.
  • Acted for Stingray Group in the $560m refinancing of its senior secured credit facilities with a syndicate of lenders led by National Bank of Canada.
  • Acted for The Toronto-Dominion Bank, as administrative agent, in the syndicated aggregate credit facilities being made available to GoodLife Fitness Centres.


Fasken's banking team acts for a broad domestic and international clientele, with an emphasis on acquisition finance, private equity, leveraged finance and project finance. Known for its work on behalf of lenders, the team has strong relationships with major institutions in the Canadian financial services sector, as well as key links in Beijing, London and Johannesburg. The department is particularly specialised in mining sector-related matters, and acts on a number of borrower-side mandates in this field, including project finance and corporate credits. Toronto-based John Torrey served as lead counsel to a syndicate of lenders providing TELUS $500m of acquisition financing for the purchase of Lionbridge AI. Also based in Toronto is Thomas Meagher, who has led on a number of key mining mandates for the firm, and rising star associate Daniel Conrad. Marc Novello and Angela Onesi are key figures in the firm’s Montreal office. Calgary-based Scott Sangster is known as ‘a very knowledgeable and capable financial services lawyer’, focusing on Western Canadian matters.


‘We use Scott Sangster and his team for two reasons: they are very good at what they do and we trust them. There are others out there who we know do a good job but the trust factor puts them at the top of our list.’

‘We know Scott is a very knowledgeable and capable financial services lawyer, but more importantly we know he will represent our interests. That level of trust is key for us.’

They have a strong knowledge of the Canadian mining industry and are experienced in structuring and closing mine financings.’

John Torrey – Practical and looks for solutions. Good experience in mine financings.’

Key clients

Export Development Canada

Bank of Nova Scotia (BNS)

Toronto Dominion Bank (TD)

Canadian Imperial bank of Commerce (CIBC)

National Bank of Canada

Royal Bank of Canada

HSBC Bank Canada

Bank of Montréal (BMO)

Just Energy Inc.

Desjardins Financial Group

ATB Financial

Work highlights

  • Served as lead counsel to the syndicate of international lenders on the $500m credit facility increase for the acquisition of Lionbridge AI.
  • Acted for a bank syndicate led by Canadian Imperial Bank of Commerce and National Bank Financial for the $1.2bn acquisition financing for WSP Global to acquire Enterra Holdings.
  • Acted for Agropur Coopérative in connection with the amendment and restatement of its cross-border bank revolving and term credit facilities and the implementation of cross-border security.

Norton Rose Fulbright

Norton Rose Fulbright excels in cross-border transactions, where it is able to leverage its broad global office network to serve its Canadian client base. It acts for top-flight lenders, including Bank of America, on a number of large syndicated facilities, project financings and other restructured finance agreements. On the borrower side, it offers particular strength in transactions in the energy, transport and infrastructure sectors. Energy work is often led by Rick Borden out of Calgary, who acted for the Canadian Imperial Bank of Commerce to provide a C$1bn sustainability-linked credit facility. In Toronto, David Amato is known for his work in debt financing and asset-based transactions, and Elana Hahn is known for her cross-border transactional work. In Montreal, national practice coordinator Peter Wiazowski offers significant expertise in multi-jurisdictional debt financing, and Arnold Cohen focuses on asset-based lending. In a notable development, Noah Schein was promoted to partner.

Other key lawyers:

David Lemieux ; Noah Schein; Elana Hahn


Key clients

Scotia Capital Inc.

Caisse de dépôt et placement du Quebec

Bank of America

Royal Bank of Canada

Canadian Mortgage and Housing Corporation

National Bank of Canada

Canadian Imperial Bank of Commerce

Société Générale

CAE Inc.

SNC-Lavalin Group Inc.

Société Générale

MUFG Bank, Ltd.

BNP Paribas



Banco Credito e Inversiones

Bausch Health Companies Inc.

Bank of America

Tervita Corporation


Work highlights

  • Advised Royal Bank of Canada as the joint lead arranger and joint bookrunner in financing TC Energy’s Coastal GasLink Pipeline, valued at C$6.6bn.
  • Advising Canada Mortgage and Housing Corporation on the C$13.2bn National Housing Co-Investment Fund.
  • Acting as counsel to Bausch Health Companies in its banking and debt financing matters, including issuances of more than $4.5bn in senior notes in various initiatives.

Stikeman Elliott LLP

The banking and finance team at Stikeman Elliott LLP offers a full suite of services, covering both transactional and regulatory matters. Acting on behalf of lenders and sponsors, the team is also known for its work with borrowers, including advising on a C$1.6bn ABL facility on behalf of the shareholders of the Hudson’s Bay Company; the advice was led by Jennifer Legge. With offices in all four major Canadian commerce centers, as well as New York and London, it is well positioned to offer support on major cross-border deals. The department's regulatory arm also acts for a broad client base, including in unconventional financing matters and novel transactions, such as bank bail-ins. The team is co-led by Toronto-based Daphne MacKenzie and Howard Rosenoff in Montreal, with respective expertise in corporate lending, and project and asset-backed financing. Meaghan Obee Tower and Peter E. Hamilton are also names to note, both offering a combined regulatory and transactional practice.

Key clients

Cogeco Communications

Hudson’s Bay Company

InnVest Hotels LP

National Bank of Canada

Osisko Gold Royalties Ltd.

GFL Environmental Inc.

Air Canada

Cargojet Inc.

Vale SA

Centerra Gold Inc

Work highlights

  • Acted for GFL and its principal shareholders in connection with its cross-border C$1.1bn initial public offering and follow on offerings.
  • Advised shareholders of Hudson’s Bay Company on a $150m FILO term loan facility and an amendment to its $1.6B ABL facility in connection with the company’s go-private transaction.
  • Acted for Gildan Activewear in its C$400m long-term debt financing in light of the Covid-19 pandemic.


Torys offers a strong financial services practice, acting on behalf of both blue-chip corporate borrowers and Canadian lenders. One of the firm’s key strengths is its understanding of the national regulatory environment, and it has advised the Big Six Canadian banks on a number of matters including the bank recapitalization regime.  On the transactional side, the firm has extensive experience in leveraged transactions and acquisition financing, particularly those involving private equity. The team is primarily based out of Toronto, with Adam Delean and Amanda Balasubramanian co-heading the banking and debt finance group. Delean is known for his work with leveraged and structured financings, often leading on multibillion-dollar transactions with the Big Six banks, and Balasubramanian advises on corporate debt financings. On the regulatory side, Blair Keefe is regarded for his market-leading practice, which includes a number of high-value acquisitions. Tom Zverina is noted for his M&A and mining financing work, and Kevin Fougere has an active transactional practice based out of Calgary.

Other key lawyers:

Kevin Fougere; Blair Keefe; Tom Zverina



Torys has a very solid banking practice with a group of intelligent and pragmatic lawyers. They are experienced and have limited interest in debating points of no consequence. They look to get deals done, and have them done efficiently.’

Very creative, solutions-oriented, calm in a crisis, they are people that I know I can count on because they always get it done.’

‘I think Adam Delean is the best banking lawyer in the country. He has endless patience and is great at listening and drafting. ’

‘Adam’s ability to work with multiple stakeholders and drive consensus; he does this because of his personal attributes and everyone in the room recognizes he is the best lawyer so they listen to him. ’

‘I work extensively with Tom Zverina and Amanda Balasubramanian. They are both reasonable in their approach and oriented towards completing transactions cost-efficiently with little acrimony.’

‘Very knowledgeable, highly credible, strong relationships across the market help bridge through challenging situations, willing to work on unconventional ideas and help bring them to fruition. ’

Key clients

ATB Financial

Bank of Montreal

Brookfield Group of Companies

Canadian Imperial Bank of Commerce

Canadian Western Bank

Fairfax Financial Holdings Limited

Intact Financial Corporation

Inter Pipeline Ltd.

Manulife Canada/Manulife Financial Corporation

National Bank Financial Inc.

Ontario Power Generation

President’s Choice Financial

Royal Bank of Canada

Sagard Capital

Sun Life Financial Inc.

The Bank of Nova Scotia

The Green Organic Dutchman

The Toronto-Dominion Bank

Work highlights

  • Acted on a joint engagement for 16 financial institutions consisting of banks and life insurance companies, in obtaining a joint court order to permit virtual meetings in the Covid-19 pandemic.
  • Advised Intact Financial as insurance regulatory counsel in its C$12.3bn acquisition, alongside Tryg, of RSA Insurance Group.
  • Advised Inter Pipeline, as borrower, in connection with a C$1bn unsecured credit facility made available by a syndicate of lenders led by TD Bank.

Bennett Jones LLP

Known for its work with alternative lenders and credit providers, Bennett Jones LLP also acts on the lender side for traditional banks, in both new financings and refinancings. Its most notable offering is on the borrower side, with a leading practice in the natural resources sector, where it acts for both mining and energy companies. Within this area, Mark Rasile acted for Cenovus on the debt financing for its merger with Husky Energy. It is also a national leader in aircraft financing. Steve Lutz and Patrick Brennan jointly lead the practice from Toronto and Calgary respectively, advising lenders and aircraft financiers. Karen Dawson, also in Calgary, stands out for her significant experience with alternative lenders, while John Teolis is key on the financial regulatory side. David Rotchtin is known for his cannabis-sector expertise.

Practice head(s):

Steven Lutz; Patrick Brennan

Key clients

Argonaut Gold Inc.

ATB Financial Services

ATCO Group

Bank of Montreal

BMO Capital Partners

Canadian Pacific Railway Company

Canso Investment Counsel

Cenovus Energy Inc

Chorus Aviation

Gateway Casinos and Entertainment Limited

Obsidian Energy Ltd

Parkland Fuel Corporation

Third Eye Capital

Stantec In.

Wells Fargo Capital Finance Corporation Canada

Work highlights

  • Served as counsel to Cenovus Energy in connection with the proposed $23.6bn combination of Cenovus and Husky Energy.
  • Served as lead counsel to Gateway on the first-ever financing under the Canadian government’s Large Employer Emergency Financing Facility, for Canadian companies affected by the Covid-19 pandemic.
  • Acted for OPTrust in the formation and financing of a partnership with six Alberta First Nations, which in turn participated in the equity syndication and project financing of the $1.5bn Cascade Power Project.

Borden Ladner Gervais LLP

With a notable lender-side practice, Borden Ladner Gervais LLP advises on banking matters across all five Canadian legal markets, as well as acting in cross-border matters. The group was instrumental in the establishment of key business relief funds guaranteed by the Canadian government, most notably advising Export Development Canada on the C$55bn Canada Emergency Business Account program. It also offers a solid financial regulatory practice, which is particularly known for its work with non-traditional lenders, including credit unions and private equity, and is increasingly active in the fintech space. Toronto-based Gus Karantzoulis is noted for his work for the Bank of Nova Scotia and others in a broad range of sophisticated lending transactions. Also in Toronto is Howard Silverman, who often acts for borrowers. Its Montreal-based lawyers include transactional and regulatory advisory expert Olivier Tardif, as well as national and regional group heads Claudine Millette and Stephen Redican.

Work highlights

  • Acting for Export Development Canada in connection with the C$55bn Canada Emergency Business Account program.
  • Acting for HSBC and the syndicate of lenders in connection with a refinancing and recapitalization transaction for Calfrac Well Services.
  • Served as counsel to Algoma Central Corporation, a leading provider of marine transportation services, on a vessel refinancing of its senior secured indebtedness.

Cassels Brock & Blackwell LLP

The banking team at Cassels Brock & Blackwell LLP is well regarded for its advice provided to non-traditional lenders. It is particularly active in corporate financing deals in the cannabis sector, offering expertise in debt and equity financing from traditional and non-traditional lenders alike. The team also has a strong background working with the mining industry. Charles Newman, Charles Rich and Jason Arbuck jointly lead the banking and speciality finance team. Newman offers experience on subordinated and convertible debt matters; Rich focuses on secured and unsecured loan transactions; and Arbuck has an additional focus on the hospitality industry. Alison Manzer and Marc Mercier are other key names. All named lawyers are based in Toronto.

Other key lawyers:

Marc Mercier; Alison Manzer

Key clients

Vista Credit Partners

Canadian Imperial Bank of Commerce


HSBC Bank Canada

Bank of Montreal

Granite Real Estate Investment Trust

Connacher Oil and Gas Limited

Canopy Rivers Corporation

Canopy Growth Corporation

Fiera Capital Corporation

Stonebriar Commercial Finance

Business Development Bank of Canada

Canadian Western Bank

Timbercreek Mortgage Servicing Inc.

Work highlights

  • Acting as counsel for Timbercreek in connection with a defaulted loan and a complex forbearance arrangement that has been amended several times.
  • Acted as Canadian counsel for the note purchasers of Weatherford International’s $500m of first lien notes.
  • Represented Silvercrest Metals in its credit agreement with an affiliate of RK Mine Finance for a $120m secured project financing facility.


With significant expertise in multi-jurisdictional financings, Dentons‘ banking practice acts for a range of domestic and international lenders, including the Big Six national banks. It is particularly known for its emerging markets finance work, with expertise in the cannabis, fintech and cryptocurrency sectors. Dennis Wiebe leads the Toronto-based national team, with expertise in restructuring and lending transactions. Michael Henriques is known for his work on behalf of lenders, in particular sponsor/fund transactions. Heidi Clark and Montreal-based Joel Cabelli also offer broad transactional expertise. The team’s regulatory arm has been strengthened by Marisa Coggin joining the Toronto office from Cassels Brock & Blackwell LLP.

Practice head(s):

Dennis Wiebe


‘Having a global presence is key; seamless transition when you need to work with lawyers around the globe – Dentons’ banking and finance group can put together a team very quickly. Dentons was able to provide us with legal counsel in a remote location.’

‘Ryan Middleton is extremely responsive and is always looking out for the client’s best interest and ways in which to make the work more affordable and delivered in efficient ways. Pricing is always reasonable and Ryan is always looking for innovative ways to price the work, as well as introducing technology to make the work more reliable and efficient. Ryan thinks outside of the box and is always looking for ways to deliver legal services that is outside of the norm.’

Key clients

The Bank of Nova Scotia

The Toronto-Dominion Bank

National Bank of Canada

Royal Bank of Canada

HSBC Bank Canada


JPMorgan Chase

Roynat Inc.

Ligado Networks LLC

Iris Merger Sub 2019, Inc.

Work highlights

  • Advising Ligado Networks on $3.85bn in new capital raised to advance its plans to provide 5G telecommunication services.
  • Advising Iris Merger with respect to the acquisition financing of the issued and outstanding shares of Innophos Holdings.

Goodmans LLP

Goodmans LLP's financial services practice acts for a number of borrowers on sophisticated matters, including acquisition financing. The team’s integrated approach allows it to draw on its M&A, restructuring, private equity and corporate finance teams to provide assistance on matters such as debt restructurings and loans arising from the LEEFF program. It also acts on the lending side, in particular advising a number of private lenders. The team is fully based out of its Toronto office and is jointly led by David Nadler and Jean Anderson. Anderson has a broad range of expertise including P3 financing, while Nadler is active in the hospitality and senior housing sectors. Celia Rhea and Jeffrey Citron handle corporate finance work, and Michael Bertrand is known for his US-side work.

Practice head(s):

David Nadler; Jean Anderson

Key clients

Bank of America

Berkshire Partners

Brookfield Asset Management

Canadian Imperial Bank of Commerce

Centre Lane Partners

Citizens Bank, N.A.

Financial Services Regulatory Authority of Ontario

Fiera Private Debt

HUB International

King Street Capital

Klirmark Capital

Mandalay Resources


Onex Corporation

Penfund Partners

PNC Bank

Raymond James Bank

Sherritt International Corporation

Source Energy Corporation

The Bank of Montreal

The Bank of Nova Scotia

The Toronto-Dominion Bank

US Bank

Wells Fargo Capital Finance Corporation Canada

West Jet

Work highlights

  • Represented Berkshire Partners in the financing of its acquisition of a majority stake in VetStrategy from Imperial Capital with a deal value of over $1bn.
  • Served as Canadian counsel to Brookfield Principal Credit as DIP term loan agent for Bumble Bee Foods.
  • Represented Sienna Senior Living in connection with the completion of a $200m unsecured revolving credit facility.

Osler, Hoskin & Harcourt LLP

The financial services practice at Osler, Hoskin & Harcourt LLP stands out for its borrower-side work, which includes a significant strength in project financing. For lenders, it acts in a number of complex lending and debt finance transactions, acting not only for important domestic banks but also for key foreign investment banks and private equity firms. This work includes advising all of the Big Six banks on the C$55bn Canadian Emergency Business Account stimulus program. Chris Bennett leads the team from Toronto, with a practice that centres in particular on project and structured financings related to PPPs. Also in Toronto are structured and derivative financing expert Lisa Mantello and asset-based and commercial lending expert Michael Hart. Other key figures include Etienne Massicotte in Montreal and Dana Saric in Calgary. Kevin Morley retired.

Practice head(s):

Chris Bennett

Key clients


Bank of Montreal

Royal Bank of Canada

The Toronto Dominion Bank

National Bank of Canada

Goldman Sachs & Co. LLC

Morgan Stanley

J.P. Morgan Chase & Co.

Kohlberg Kravis Roberts & Co

CentreGate Capital LP

Madison Dearborn Partners

Blackstone Property Partners

Blackstone Credit

Ontario Teachers’ Pension Plan Board

Healthcare of Ontario Pension Plan (HOOPP)

First Nations Finance Authority

Canada Infrastructure Bank

Work highlights

  • Represented Canada’s Big 6 “D-SIB Banks” in connection with the CEBA program initiated by Export Development Canada on behalf of the Canadian government.
  • Acted as counsel to Bank of Montreal in a credit facility provided to Ontario Wealth Management Corporation, which originates and administers loans secured by mortgages in Canada and the US.
  • Serving as counsel to CIBC Innovation Banking on 24 financing transactions since 2019.

Burnet Duckworth & Palmer LLP

Burnet Duckworth & Palmer LLP has an active practice acting for private and institutional borrowers, and also has a relevant lender-side practice. Due to its position in the Calgary market, it is extremely well regarded for its work in the energy sector, in particular in oil and gas-related infrastructure and project financing. However, it also has relevant knowledge of the cannabis, aviation and retail sectors. Kathy Pybus leads the team, and draws on over 20 years of experience in syndicated lending, project financing and international lending. Nancy Smith and Simina Ionescu-Mocanu are also noted, with respective expertise in debt financing and transactions involving the healthcare and cannabis sectors.

Practice head(s):

Katherine Pybus


‘Highly responsive, supportive of our business objectives, manages negotiations and details well.’

‘Simina Ionescu-Moncanu is a star and one of the most thoughtful, thorough and responsive lawyers I’ve worked with! ’

‘The banking practice at Burnet, Duckworth & Palmer LLP has a longstanding reputation as one of the stronger banking teams in Calgary. They are involved in significant transactions and have a solid team that continues to be of weight above that of a typical regional firm.’

‘Kathy Pybus is excellent in her leadership role. Simina Ionescu-Mocanu is one of the best up and coming banking lawyers in Calgary. Simina provides sound direction to her clients and is unfailingly professional in her dealings with other counsel.’

‘I’ve never met such involved, thorough, and knowledgeable partners during my time working with counsel. I still keep in touch with them to this day because of the effort they made in marketing to us, the quick turnarounds even with late turns of versions, the thought behind the business development events they do and how unique they are, and their down-to-earth intelligence at this local-but-mighty firm.’

Key clients

ATB Financial

WestJet (an Alberta Partnership)

Maxim Power Corp.

RBC Capital Markets & Royal Bank of Canada

Alberta Petroleum Marketing Commission

TransAlta Corporation

BMO Financial Group

ARC Resources Ltd.

Toronto Dominion Bank

Decibel Cannabis Company Inc. (formerly Westleaf Inc.)

Work highlights

  • Acted as counsel to ARC Resources in connection with financing its $8.1bn strategic Montney combination with Seven Generations Energy.
  • Acted as counsel to Alberta Petroleum Marketing Commission on, among other items, the loan guarantee provided by APMC in support of the financing for the construction of the Keystone (KXL) Expansion.
  • Advised the administrative agent and syndicate of lenders in respect of a new covenant based C$1bn credit facility in connection with the amalgamation of Strathcona Resources and Osum Oil Sands.

Gowling WLG

Gowling WLG offers a strong lending-side practice, advising all six major banks and a range of non-traditional lenders. It also has a growing practice acting for corporate borrowers, with experience in acquisition financing and bond offerings. Toronto-based partner Christopher Alam heads the national lending group, acting for a wide range of financial institutions including US banks. Dom Glavota and Elizabeth Burton in Calgary are also key contacts, with respective expertise in loan recovery and syndicated finance. David Cohen in Toronto leads the financial institutions and services group. Harold Chataway and Derek Winett retired.

Other key lawyers:

Dom Glavota; Elizabeth Burton

Key clients

Farm Credit Canada

HSBC Bank Canada

Mattamy Homes

McMaster University

Royal Bank Of Canada

Acciona Infrastructure Canada

NAV Canada

Aecon Group Inc.


Toronto Dominion Bank

Manulife Financial Group


The Goodyear Tire & Rubber Company

Work highlights

  • Advised Yangaroo on its acquisition of Digital Media Services.
  • Closed the deal on Hamilton’s McMaster University’s new bond offering of C$150m, focused on supporting infectious disease research and on-campus green initiatives.
  • Served as counsel to the senior lender in connection with a subordinated loan in the amount of $35m to provide emergency funding as a result of Covid-19 to a supplier of various foods.