JBIC Puts Up $650M For Mitsubishi Canadian Shale Venture

Law360, New York (August 13, 2012, 7:16 PM EDT) -- Japan Bank for International Cooperation spearheaded a consortium of Japanese lenders that struck a loan worth more than CA$650 million (US$655 million) Monday to bankroll trading house Mitsubishi Corp.'s investment in three Canadian shale plays.

The JBIC loan will go to a Mitsubishi subsidiary that in February bought a 40 percent chunk of the Cutbank Ridge Partnership for CA$1.45 billion up front, on top of another CA$1.45 billion spread over the coming five years. Calgary, Canada-headquartered Encana Corp., Canada’s largest natural gas producer, and an affiliate...
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