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BNY Mellon Named Indenture and Collateral Trustee On First Nations ETF Limited Partnership East Tank Farm Secured Notes


BNY Mellon has been appointed as Indenture Trustee and Collateral Trustee for CAD $545 million in secured notes financing the acquisition of a 49 per cent partnership in Suncor’s East Tank Farm (ETF) Development. The acquisition closed on November 22, 2017.

This groundbreaking economic transaction between Canada’s First Nations and industry offers a model for greater indigenous participation in the Canadian economy via infrastructure investments. It is the largest business investment to date by a First Nation entity in Canada.

The ETF project is a bitumen and diluent storage, blending, and cooling facility near Fort McMurray, Alberta. It is primarily dedicated to servicing bitumen production from the Fort Hills oil sands mining project. Facilities were constructed for a capital cost of approximately CAD $1.03 billion and have been operational since July 2017.

“This bond aligns well to BNY Mellon’s broader mission as the investments company to the world by helping Canada’s First Nations invest, transact, and conduct business to unlock opportunities in Canada’s burgeoning energy and infrastructure sectors,” said Dan Gosselin, Managing Director for BNY Trust Company of Canada. “We are pleased to provide a robust foundation for such investments through our trustee and agency service offerings in the project finance space in Canada.” 

BNY Mellon Corporate Trust, through BNY Trust Company of Canada, provides global trust and agency services to Canadian issuers interested in tapping the global capital markets, as well as any issuer looking to issue in the Canadian domestic capital markets.

To learn more about BNY Mellon Corporate Trust, please visit our website

About BNY Mellon Corporate Trust

BNY Mellon is the premier provider of corporate trust services to the debt capital markets, providing customized and market-driven solutions to investors, bondholders and lenders. As of September 30, 2017, BNY Mellon Corporate Trust served as trustee and/or paying agent on more than 54,000 debt-related issues globally. The corporate trust business utilizes its global footprint and expertise to deliver a full range of issuer and related investor services including trustee, paying agency, fiduciary, escrow, and other financial services. The business administers a wide array of assets and types of programs to multinational corporations, financial institutions, governments and their agencies, and the banking, securities, and insurance industries.

About First Nations ETF Limited Partnership

Fort McKay First Nation (FMFN) is composed of over 800 band members with approximately 400 members residing in the hamlet of Fort McKay-a community located approximately 65 km north of Fort McMurray. As a First Nation, FMFN is a leader in working collaboratively with industry, and holds a successful and long established record of strong relationship building with the various mining companies operating adjacent to its land. Fort McKay has aimed to maximize its participation in the economy to create sustainable, long-term growth and development. FMFN believes the practice and preservation of our traditional ways of life can occur simultaneously alongside continuous and responsible oil sands development. This philosophy has allowed the FMFN to enhance our community’s social and economic conditions through effective partnerships with industry and government. We are known for our good working relationships with the surrounding oil sands companies. FMFN strives to balance resource development with protecting the health of our community and the environment.

Mikisew Cree First Nation (MCFN) signed Treaty 8 in 1899. The Mikisew Cree have resided in Northeastern Alberta since time immemorial. Athabasca Delta, which is in the centre of our traditional lands, is a unique international ecosystem which we cherish. It is the source of much that sustains us. When the fur trade came west and established a trading fort in this area, the Mikisew Cree were among those who traded furs. The traditional lands of the MCFN range over much of the area where the Athabasca Oil Sands deposits have been found. MCFN shares this territory with four other First Nations that make up the Athabasca Tribal Council. At the present time most members reside in Fort McMurray, Edmonton, Fort Smith, NWT and Fort Chipewyan. Our Nation has the largest population of the five Athabasca Tribal Council Nations.

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