Shearman & Sterling represented Royal Bank of Canada as administrative and collateral agent of a $400 million revolving credit facility for Niska Gas Storage US, LLC as US borrower and AECO Gas Storage Partnership as Canadian borrower. This deal included a cross-border asset-based financing and guarantee which led to complex, cross-border financing issues.

Niska Gas Storage is the largest independent natural gas storage company in North America. Niska operates 173 Bcf of working gas capacity at facilities located in key gas producing and consuming regions in the US and Canada.

The Shearman & Sterling team was led by partners Michael S. Baker (New York-Finance), Kristen Garry (Washington, DC-Tax), Malcolm Montgomery (New York-Property); counsel Barbara Edwards (New York-Finance), Jeffrey L. Salinger (New York-Property/Environmental); associates James Jones (New York-Finance), Alexander Labowitz (New York-Property), Sylvia Lee (New York-Finance), Jennifer M. Pacella (New York-Finance), Asher Richelli (New York-Finance), and Nathan Tasso (Washington DC-Tax); and legal assistant Sunita Daswani.