North West Redwater Partnership Prices C$1 Billion in 10 and 30 Year Bonds

North West Redwater Partnership Prices C$1 Billion in 10 and 30 Year Bonds 
CALGARY, July 18, 2014 /CNW/ - North West Redwater Partnership ("NWRP") 
announces that today , it priced C$ 500 million principal amount of 3.2% 
series A secured bonds due July 22, 2024 and C$ 500 million principal amount 
of 4.05% series B secured bonds due July 22, 2044, which will be sold pursuant 
to a private placement to investors in Canada.  The Bonds have been assigned a 
rating of "A3" with a stable outlook by Moody's Investors Service ("Moody's") 
and a preliminary rating of "A-" with a stable outlook by Standard and Poor's 
("S&P").  Subject to the satisfaction of customary closing conditions, the 
offering of the bonds (the "Offering") is expected to close on July 23, 2014. 
NWRP intends to use the net proceeds of the Offering to pay down bank 
facilities and for general corporate purposes. 
CIBC World Markets Inc., JP Morgan Securities Canada Inc. and RBC Dominion 
Securities Inc. acted as joint lead agents and joint bookrunners for the 
Offering.  Barclays Capital Canada Inc., BMO Nesbitt Burns Inc., BNP Paribas 
(Canada) Securities Inc., Citigroup Global Markets Canada Inc., Merrill Lynch 
Canada Inc., RBS Capital Markets (Canada) Limited, Scotia Capital Inc., TD 
Securities Inc., AltaCorp Capital Inc., Desjardins Securities Inc., National 
Bank Financial Inc. and Casgrain & Company Limited acted as co-agents. 
NWRP is an Alberta general partnership formed by NWU LP ("NWUP"), an indirect 
wholly-owned subsidiary of North West Upgrading Inc. ("NWU"), and Canadian 
Natural Upgrading Limited ("CNUL"), a wholly-owned subsidiary of Canadian 
Natural Resources Limited ("CNRL"). 
NWRP was formed solely for the purposes of constructing and operating a 
refinery in the Alberta Industrial Heartland Area (the "Refinery"). Once 
completed, the Refinery is targeted to have the capacity to process 
approximately 79,000 barrels per day ("bbl/d") of bitumen blend 
feedstock(50,000 bbl/d of bitumen) into approximately 80,000 bbl/d of refined 
products including ultra-low sulfur diesel and diluents. Processing of the 
bitumen blend will be undertaken using conventional and commercially-proven 
technologies. Completion of the Refinery is targeted in September 2017 and 
construction costs are estimated to be $8.5 billion. 
This news release shall not constitute an offer to sell or the solicitation of 
an offer to buy, nor shall there be any sale of these securities in any 
jurisdiction in which such offer, solicitation or sale would be unlawful prior 
to registration or qualification under the securities laws of any such 
Certain information and statements contained in this news release constitute 
forward-looking information within the meaning of applicable Canadian 
securities laws. When used in this news release, the words "may", "would", 
"could", "will", "intend", "plan", "anticipate", "believe", "estimate", 
"expect", and similar expressions, as they relate to NWRP or its management, 
are intended to identify forward-looking information. In particular, 
forward-looking information included in this news release includes information 
with respect to: the anticipated benefits of the Offering on NWRP's financial 
position, the size and terms of the Offering, the use of proceeds realized 
therefrom by NWRP, the closing date of the Offering and the credit ratings of 
the Bond.. 
Such information reflects the current views of NWRP's management with respect 
to future events and is subject to certain risks, uncertainties and 
assumptions, including, without limitation: market demand for the Debentures, 
NWRP's ability to meet the closing conditions of the Offering on the timelines 
it has planned, general market conditions for the industries that NWRP 
services, fluctuations in interest rates and exchange rates. 
By its nature, forward-looking information involves numerous assumptions, 
known and unknown risks and uncertainties, both general and specific, that 
contribute to the possibility that the predictions, forecasts, projections and 
other forward-looking information will not occur. Many other factors could 
also cause actual results, performance or achievements to be materially 
different from any future results, performance or achievements that may be 
expressed or implied by such forward-looking information and readers are 
cautioned that the foregoing list of factors is not exhaustive. Should one or 
more of these risks or uncertainties materialize, or should assumptions 
underlying the forward-looking information prove incorrect, actual results may 
vary materially from those described herein as intended, planned, anticipated, 
believed, estimated or expected. Furthermore, the forward-looking information 
contained in this news release is made as of the date hereof and is expressly 
qualified by this cautionary statement. Unless otherwise required by law, NWRP 
does not intend, or assume any obligation, to publicly revise any 
forward-looking information to reflect subsequent events or circumstances.

SOURCE  North West Redwater Partnership 
regarding NWRP;, or email 
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CO: North West Redwater Partnership
ST: Alberta
-0- Jul/18/2014 20:41 GMT
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