Maria Sagan

Toronto

416.865.7851

[email protected]

Expertise Banking & Finance Financial Services

Language(s) Spoken

English
Polish

Maria Sagan is a highly respected financial services lawyer with over ten years of experience representing both borrowers and lenders. Her expertise is in domestic, cross-border and multi-jurisdictional financings, and she routinely acts for major Canadian banks, foreign banks, private equity firms and domestic and international corporations.

Drawing on broad experience, Maria advises on secured and unsecured lending, asset-based lending, acquisition finance, derivative and structured transactions, securitizations, syndicated lending and debtor-in-possession (DIP) financing.

She has been recognized by the Secured Finance Network’s Top 40 under 40 for her contributions to the secured finance industry, and by the Secured Finance Network’s The Secured Lender as a leading woman in the commercial finance industry for her excellence and dedication to client service. Maria is ranked a Rising Star Partner in financial services regulatory and banking by the IFLR1000 Financial and Corporate Guide, and a Repeatedly Recommended Lawyer in the area of banking and financial institutions by the Canadian Legal Lexpert Directory.

Maria completed a secondment with the derivatives legal group of a leading Canadian bank, gaining valuable insight into the negotiation of derivatives contracts with international financial institutions.

Maria served as a member of the Board of Directors of the Association for Corporate Growth, Toronto Chapter and as Co-Chair of its Young Professionals Committee.

Expertise

Industries

Banking & Finance

Practices

Financial Services

Representative Matters

Counsel to a major US bank in connection with a US$2 billion financing to an international chemical manufacturer
Acted for a major US bank in connection with a US$1.75 billion financing to an international equipment leasing company
Counsel to a major US bank in connection with a US$1.5 billion financing to a multinational agency
Advised a major US private equity firm in connection with a $70 million acquisition financing of a Canadian healthcare company
Counsel to a major Canadian bank in connection with a US$500 million revolving credit facility to a Canadian-based real estate investment corporation
Advised a major US bank in connection with a US$380 million revolving and term credit facility to a Canadian-based construction company
Counsel to a US-based manufacturing corporation in connection with a US$1.125 billion syndicated revolving credit facility, term credit facility and note purchase agreement
Counsel to an American manufacturing corporation in connection with a US$500 million revolving loan

News

Rankings & Recognition

Recognized in the 2024 Lexpert Special Edition on Finance and M&A as one of Canada’s Leading Finance and M&A Lawyers

Recognized in the 2024 Canadian Legal Lexpert Directory as a Repeatedly Recommended Lawyer in the area of Banking & Financial Institutions

Winner of The Secured Finance Network’s (“SFNet”) 2022 40 Under 40 Award

Recognized by 2022 Edition of The Secured Lender’s Women in Finance Issue as a Leading Woman in Secured Finance

Received the Secured Finance Network’s Top 40 under 40 Award for 2022

Recognized by the Secured Finance Network’s The Secured Lender’s Women in Secured Finance issue, April 2022

Recognized by IFLR1000 Financial and Corporate Guide 2022as a Rising Star in the areas of Banking and Financial Services Regulatory

Recognized by IFLR1000 Financial and Corporate Guide 2021as a Rising Star in the areas of Banking and Financial Services Regulatory

Recognized by IFLR1000 Financial and Corporate Guide 2020 as a Rising Star in Financial Services Regulatory and Banking

Recognized by IFLR1000 Financial and Corporate Guide 2019 as a Rising Star in Financial Services Regulatory

Directorships & Affiliations

Association for Corporate Growth (ACG), Toronto Chapter, Director (2021 – present)
Association for Corporate Growth (ACG), Toronto Chapter, Young Professional’s Committee (2016 – present)
Canadian Bar Association
Ontario Bar Association

Education & Admissions

2011

Called to the Ontario bar

2010

JDOsgoode Hall Law School

2007

Specialized Honours BA (summa cum laude)York University

Publications

“Canada: Lending & Secured Finance 2022” International Comparative Legal Guides, Co-author with Jeffrey Rogers, Don Waters and Christina Kim, (April 2022)
“Staying Secured in Uncertain Times: A refresher on taking security in Canada,” Secured Finance Network, The Secured Lender (International Issue) (2021)
“The Phase-Out of LIBOR: A Primer,” Banking & Finance Law Review (August 2020)
“The ABA Guide to International Bar Admissions,” Sagan M. & Todgham-Cherniak, C. (2012)
“Canada-Ontario,” in Russell W. Dombrow and Nancy A. Matos (Eds.), Chicago, Illinois: American Bar Association (2012)
“Goodbye boilerplate: Canadian Securities Administrators release guidance on environmental disclosure,” Canadian Securities Law News, CCH, No 203 (December 2010)
“Change is Near but Unclear: Canadian Regulators Publish Initial Proposals on OTC Derivatives,” Derivatives Law Bulletin (November 2010)
“A Greener Future: Environmental Disclosures in Securities Regulation,” Briefly Speaking, Vol 35, No 5 (October 2010)
“Challenges and Opportunities at the Wills Project,” Briefly Speaking, Vol 35, No 3 (June 2010)

Insights (21 Posts)View More

RIP CDOR 1986-2024: A Recap of CDOR’s Final Days

On June 28, 2024, CDOR was published for the last time, marking the end of CDOR. The market has adopted CORRA as the Canadian dollar risk-free rate benchmark.

Aug 13, 2024

Time to Get Tough! CARR Provides Guidance for CDOR Tough Legacy Contracts

CARR released guidance with respect to tough legacy contracts in Canada that don't have workable CDOR fallback language; who this applies to; why it was issued.

Jun 18, 2024

Goodbye CDOR, Hello CORRA: CDOR’s Final Month and CORRA Loan Trends

CDOR will cease being published after June 28, 2024; CORRA is now used in credit agreements with certain trends developing in its use.

Jun 11, 2024

The End of LIBOR: The Grand Finale (or is it?)

All remaining tenors of USD LIBOR ceased being published on June 30, 2023; synthetic USD LIBOR and the LIBOR Act are available for legacy contracts.

Jul 4, 2023

Government of Canada Seeks Input on Updating Canada’s Anti-Money Laundering and Terrorist Financing Regime

The Government of Canada has launched public consultations on updating Canada's anti-money laundering and terrorist financing regime.

Jun 21, 2023

Proposed Updates to Canada’s Anti-Money Laundering and Terrorist Financing Regime

Finance Canada's proposed changes relating to anti-money laundering and armoured car companies, mortgage lenders, and money service businesses.

Jun 7, 2023

Secured Lending in Canada: A Guide for U.S. Lenders

A guide to secured lending in Canada; summarizes regulatory matters, tax, security, insolvency and restructuring issues in Canada.

Jun 1, 2023

Term CORRA Officially Under Development

1- and 3- month Term CORRA under development; targeted publication date is at end of Q3 2023; Term CORRA administrator will be CanDeal Innovations Inc.

Jan 30, 2023

The End of LIBOR/The Beginning of SOFR: October 2022 Update

USD LIBOR will end June 30, 2023. We discuss LIBOR discontinuation timelines, recent development with respect to SOFR and approaches to replacing LIBOR.

Oct 20, 2022

June 28, 2024 – CDOR will be no more

CDOR to cease being published after June 28, 2024; Term CORRA to be potentially created; market participants need to prepare for end of CDOR now.

Jun 21, 2022

The End of LIBOR: January 2022 Update

As of December 31, 2021, most LIBOR tenors ceased; some USD LIBOR tenors to continue until June 30, 2023; some GBP and JPY tenors published on synthetic basis.

Jan 31, 2022

Cash is King – Taking Control over Cash Collateral

In secured lending transactions, a debtor's cash may form part of the lender's general security or may be deposited with a financial institution to support certain contingent obligations (such as outstanding letter of credits)

Jan 18, 2022

Start of a New Term: ARRC Recommends CME Group’s Term SOFR

ARRC formally recommends CME Term SOFR. Term SOFR works similar to LIBOR and is the preferred RFR for business loans.

Sep 7, 2021

SOFR Fundamentals: What We Know SO-FAR

SOFR is the preferred USD alternative RFR to LIBOR. We discuss what SOFR is, the types of SOFR, conventions for SOFR, and using SOFR in loan agreements.

Jul 21, 2021

LIBOR Newsflash: FCA Announces Dates for Official Cessation and Loss of Representativeness of LIBOR

FCA announces dates for the official cessation and loss of representativeness of LIBOR. Implications for Lenders.

Mar 10, 2021

LIBOR Newsflash: Announcement on Official Cessation of LIBOR is Expected Soon

IBA and FCA expected to make announcement about the official cessation of LIBOR. Timelines for ceasing new issuances of LIBOR loans.

Feb 18, 2021

The Phase-Out of LIBOR: A Primer

Overview of LIBOR; why it is problematic; alternative benchmark rates; readiness of loan market for transition away from LIBOR; and fall-back language

Sep 10, 2019

Proposed PPSA and RSLA Amendments Clarify Debtor Location Rules and Make VINs Paramount for Motor Vehicle Registrations

Oct 10, 2017

Does the MAC Have Your Back? The Use of Material Adverse Change Clauses in Canadian Loan Agreements

Does the Mac Have Your Back? The Use of Material Adverse Change Clauses in Canadian Loan Agreements

Feb 16, 2017

Where’s Waldo: New Ontario PPSA Debtor Location Rules Finally Coming into Force

Where's Waldo: New Ontario PPSA Debtor Location Rules Finally Coming into Force

Nov 3, 2015

Can I be excused? Canadian regulators publish consultation paper on end-user exemptions in the OTC derivatives market

Apr 19, 2012

Deals & Cases (6 Posts)

McMillan Advises Calabrio, Inc. in its Acquisition of Wysdom AI

On January 9, 2023, Calabrio, Inc. announced its acquisition of Crowdcare Corporation dba Wysdom AI.

Jan 9, 2023

Nufarm Limited Secures Loans to Refinance Working Debt Facilities

McMillan represented the Canadian loan parties, with a team led by Jeff Rogers and Maria Sagan and included Christina Kim and Meagan Moulton, in connection with this cross-border transaction

Nov 15, 2022

Frontera Energy Issued US$400 Million in Senior Unsecured Notes

Frontera Energy Corporation (“Frontera”) (TSX:FEC) issued US$400 million in senior unsecured notes due in 2028 at a coupon rate of 7.875% and a related tender offer to repurchase, at a premium, the Company’s US$350 million 9.7% senior secured notes due in 2023.

Jun 21, 2021