CIBC Wood Gundy closed a $1.5 billion revolving credit facility for Phillip Services last week.

A portion of the loan, which carries a five-year term, will be used to refinance existing bank debt and to pay out lenders to Allwaste Inc. and Serv-Tech, two companies recently acquired by Phillip. The remaining $715 million will be used for future acquisitions and for general corporate purposes.

The loan, like the previous two loans for Phillip, was oversubscribed, said Gerry Bauclair, a managing director at CIBC Wood Gundy.

CIBC Wood Gundy served as the administrative agent and co-arranger for the deal. This is the third time in three years that the bank has brought Phillip to market, according to Mr. Bauclair.

Bankers Trust Co., which served as a managing agent on the previous loan for Phillip, was a co-arranger for the deal.

Managing agents for the deal included Credit Lyonnais, Bank of Tokyo- Mitsubishi Ltd., Bank of Nova Scotia, NationsBank Corp., Societe Generale, PNC Bank Corp., Toronto-Dominion Bank, Deustche Bank, and Comercia Inc.

Phillip is a resource recovery and industrial services company based in Toronto.

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