OPTI Canada Inc. ("OPTI") announced today that its previously announced Term Loan B ("TLB") Facility has been fully syndicated to institutional investors located primarily in the United States. The Facility was increased to USD$450 million from the previously announced USD$400 million, and bears interest at a rate of LIBOR plus 1.75 percent. The bank syndicate was led by RBC Capital Markets and included The Toronto-Dominion Bank, The Royal Bank of Scotland, plc, The Bank of Nova Scotia and BNP Paribas (Canada).

In connection with the TLB offering, OPTI received a corporate rating as well as a rating specific to the TLB transaction. The initial corporate ratings received were BB and Ba2 from Standard and Poor's (S&P) and Moody's Investors Service (Moody's), respectively. The TLB facility received ratings of BB+ and Ba3 from S&P and Moody's, respectively.

The TLB facility has a seven year term with nominal scheduled principal repayments until the end of the term other than a requirement to pre-fund anticipated interest payments until the end of 2008. In connection with the TLB, OPTI expects to provide certainty with respect to a portion of interest costs through an interest rate hedge. The proceeds of the TLB will be received in two installments in 2006. The initial proceeds from the TLB were used to retire OPTI's existing Bridge Loan facility, with the balance of the proceeds to be used to fund ongoing oil sands development and future expansion phases.

"We are very pleased to close this debt facility at an attractive interest rate, which was driven by the positive debt ratings we received as well as the high demand for participation in our TLB Facility," said George Crookshank, Chief Financial Officer of OPTI. "This longer-term debt facility fits well with our execution strategy to reach 120,000 bbls/day production capacity net to OPTI by 2015."

About OPTI

OPTI Canada Inc. is a Calgary, Alberta-based company focused on developing the fourth and next major integrated oil sands project in Canada, the Long Lake Project, in a 50/50 joint venture with Nexen Inc. The first phase of the Project consists of 72,000 barrels per day of SAGD (steam assisted gravity drainage) oil production integrated with an OPTI-operated upgrading facility, using OPTI's proprietary OrCrude process and commercially available hydrocracking and gasification. Through gasification, this configuration substantially reduces the exposure to and the need to purchase natural gas. The Project is expected to produce 58,500 b/d of products, primarily 39 degrees API premium sweet crude with low sulphur content, making it a highly desirable refinery feedstock. First steam injection is scheduled to commence in late 2006 and the Upgrader is scheduled to start up in mid- 2007. OPTI's common shares trade on the Toronto Stock Exchange under the symbol OPC.

Information about OPTI is available at http://www.opticanada.com. Additional information regarding the Long Lake Project is available at http://www.longlake.ca.

Forward-Looking Statements

Certain statements contained herein are forward-looking statements, including statements relating to: OPTI's operations; anticipated financial performance; business prospects, expansion plans and strategies; OPTI's plans and expectations concerning the use and performance of the OrCrude(TM) Process and other related technologies; the cost, development and operation of the Long Lake Project and OPTI's relationship with Nexen Inc. Forward-looking information typically contains statements with words such as "anticipate," "estimate," "expect," "potential," "could" or similar words suggesting future outcomes. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that expectations, predictions, forecasts, projections and other forms of forward-looking information will not be achieved by OPTI. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties. A change in any one of these factors could cause actual events or results to differ materially from those projected in the forward-looking information. Although OPTI believes that the expectations reflected in such forward-looking statements are reasonable, OPTI can give no assurance that such expectations will prove to be correct. Forward- looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by OPTI and described in the forward looking statements or information. The forward- looking statements are based on a number of assumptions which may prove to be incorrect. In addition to other assumptions identified herein, we have made assumptions regarding, among other things: market costs and other variables affecting operating costs of the Project; the ability of the Long Lake joint venture partners to obtain equipment, services and supplies, including labour, in a timely and cost-effective manner; the availability and costs of financing; oil prices and market price for the PSC output of the OrCrude(TM) Upgrader; foreign currency exchange rates and hedging risks; government regulations and royalty regimes; the degree of risk that governmental approvals may be delayed or withheld; other risks and uncertainties described elsewhere in this document or in OPTI's other filings with Canadian securities authorities.

Readers should be aware that the list of factors, risks and uncertainties set forth above are not exhaustive. Readers should refer to OPTI's current annual information form, which is available at www.sedar.com, for a detailed discussion of these factors, risks and uncertainties. The forward-looking statements or information contained in this news release are made as of the date hereof and OPTI undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws or regulatory policies.

For further information: George Crookshank, Chief Financial Officer, (403) 218-4710; Alison Trollope, Investor Relations Manager, (403) 218-4705; OPTI Canada Inc., Suite 2100, 555 - 4th Avenue SW, Calgary, Alberta, Canada, T2P 3E7

Source: newswire