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2 First Nations purchase 49% partnership stake in East Tank Farm Development

Fort Mckay First Nation and Mikisew Cree First Nation completed the acquisition of a 49% partnership stake in Suncor Energy Inc.'s East Tank Farm Development for C$503 million, according to a Nov. 22 news release.

The East Tank Farm Development, operated by Suncor, is a bitumen and diluent storage, blending and cooling facility about 30 kilometers north of Fort McMurray, Alberta, mainly servicing bitumen production from the Fort Hills oil sands mining project. Revenue from long-term terminal services agreements with the Fort Hills oil sands partners underpins the financing.

The two First Nations independently financed the acquisition through the issuance of C$545 million of 4.136% senior secured notes due Dec. 31, 2041, structured and marketed by RBC Capital Markets.