My precedent for suggesting that various pension funds partner with Connacher Oil and Gas to finance its 24,000 bbl/d expansion comes from the recent deal that Laracina Energy just struck with the Canada Pension Plan Board:

http://www.laricinaenergy.com/news/39/83/Laricina-Energy-Secures-250-million-Investment-From-Canada-Pension-Plan-Investment-Board-and-Announces-Private-Placement-Offering-for-up-to-an-Additional-51-million.html

My fear is that Connacher management will not be able to lower the 10% + interest rates that they have on their various loans in 2012 at a far lower rate than this. Interest rates have been at their lowest for a very long time now and the Bank of Canada interest rate has already started to go up. It will no longer be as low as it is now in two years most likely. Just look at the interest rates that OPTI has recently negotiated for its loans 9.2-11;2%. What makes any of us think that Connacher will get a better deal 2 years down the road?

http://cnrp.marketwire.com/client/opti_canada/release.jsp?actionFor=1307714&releaseSeq=0&year=2010

OPTI's recent new 1st lien notes:

http://cnrp.marketwire.com/client/opti_canada/release.jsp?actionFor=1303630&releaseSeq=1&year=2010

Cheers; Scott