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Gas burns from a flare stack at Imperial Oil's refinery in Dartmouth, N.S. on Tuesday, Dec. 13, 2011.
Gas burns from a flare stack at Imperial Oil's refinery in Dartmouth, N.S. on Tuesday, Dec. 13, 2011.
(Andrew Vaughan/CP)

North West Upgrading seeks $5-bln of debt

North West Upgrading Inc. is looking to add a huge chunk of debt to its balance sheet to finish its refinery construction, at the same time that equity investors are seeking to get some money out.

Calgary-based North West is looking for $5-billion of debt in the next few months. The closely held company, which is building an increasingly costly bitumen refinery in Alberta, said in a fresh investor presentation that it is planning to have a syndicated credit facility and bond financing in place by mid-year to raise the money. On top of that, it plans to have $225-million of subordinated debt in place by next month.