The Debt Financing Term Sheet is a crucial preliminary document used in Canadian financing transactions to establish the fundamental terms of a lending arrangement before proceeding with full documentation. It typically comes into play when a borrower seeks significant debt financing from one or multiple lenders, whether for general corporate purposes, acquisitions, project finance, or refinancing existing debt. The document outlines essential elements including facility amount, interest rates, repayment terms, security package, and key conditions, while ensuring compliance with Canadian federal and provincial regulations. Though mostly non-binding, it represents a significant milestone in financing negotiations and serves as a roadmap for lawyers drafting the definitive agreements. This document is particularly important in the Canadian context where financing transactions often involve multiple provinces and must navigate both common law and civil law systems (in Quebec).
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1. Parties: Identification of the lender(s) and borrower(s), including full legal names and jurisdictions
2. Background: Brief context of the financing arrangement and purpose of the loan
3. Definitions: Key terms used throughout the term sheet
4. Facility Type and Amount: Type of debt facility (term loan, revolving credit, etc.) and principal amount
5. Purpose: Specified use of proceeds
6. Interest Rate and Fees: Interest rate structure, calculation method, and all applicable fees
7. Term and Repayment: Duration of the loan and repayment terms including amortization schedule
8. Security: Overview of collateral and guarantees required
9. Key Conditions Precedent: Essential conditions that must be met before funding
10. Key Covenants: Primary financial and operational covenants
11. Events of Default: Major events triggering default
12. Confidentiality: Terms regarding the confidential treatment of the term sheet and negotiations
13. Binding Effect: Statement of which provisions are binding (typically exclusivity and confidentiality) and which are non-binding
14. Expiration: Validity period of the term sheet
1. Syndication Rights: Include when the lender may want to syndicate the loan to other lenders
2. Currency and Exchange Provisions: Include for multi-currency facilities or cross-border transactions
3. Hedging Requirements: Include when interest rate or currency hedging will be required
4. Intercreditor Provisions: Include when there are multiple classes of debt or lenders
5. Tax Considerations: Include for cross-border transactions or complex tax structures
6. Environmental Provisions: Include for projects or businesses with significant environmental considerations
7. Indigenous Rights Provisions: Include for projects affecting Indigenous lands or rights in Canada
1. Term Sheet Summary: One-page summary of key commercial terms
2. Fee Schedule: Detailed breakdown of all fees including commitment fees, arrangement fees, and ongoing fees
3. Repayment Schedule: Preliminary amortization or repayment schedule
4. Security Package Overview: List of proposed collateral and security arrangements
5. Financial Covenant Calculations: Detailed methodology for calculating financial covenants
6. Corporate Structure Chart: Diagram showing corporate structure and proposed security package
7. Sources and Uses of Funds: Breakdown of funding sources and intended uses
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Energy and Utilities
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Retail and Consumer Goods
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Telecommunications
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Chief Financial Officer
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