Institutional bond issue supports First Nation buyout of River Cree Resort and Casino
Canadian First Nation-owned River Cree Enterprises has received a bond issue from a group of Canadian and U.S. institutional investors. The bond issue, estimated by The Globe and Mail as totaling $200 million, has helped facilitate the Enoch Cree Nation's acquisition in partnership with River Cree Enterprises of sole ownership of the Edmonton, Alberta-based River Cree Resort and Casino, buying out minority partner Paragon Gaming. Advice in connection with the acquisition and financing strategy was provided by investment banking firm Crosbie & Co, which confirmed that the bond issue attracted interest from investors that are active in alternative assets markets. The casino will be managed by gaming property operator Sonco Gaming Inc of Halifax, Nova Scotia. Torys LLP was one of the legal advisors on the deal.
