Capital Markets

Overview

Osler is consistently recognized as one of Canada’s leading capital markets firms and has earned a Band 1 ranking in Chambers Canada, one of the world’s leading legal publications. Our clients include major Canadian corporations, well-known multinationals, entrepreneurial and growth oriented businesses and Canadian and global investment banks engaged in capital markets activities in Canada, the United States and internationally.

We advise on private placements, public offerings and alternative listing methods such as reverse takeovers and CPC transactions. We have extensive experience with financing methods such as initial public offerings, conventional bought deals, overnight marketed offerings, multijurisdictional disclosure (MJDS) offerings, discrete shelf prospectus offerings of equity and debt and medium-term note (MTN) programs. Our debt practice covers a broad spectrum of products that includes investment-grade debt, commercial paper, high-yield debt, “Maple” bonds, securitized and asset-backed debt, covered bond programs, convertible debt and hybrid and novel products. We are also known for our expertise in regulatory matters relating to corporate finance transactions, including advising on trading, registration, settlement and compliance matters.

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Related Expertise

Desmond Lee

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Toronto

Michael Innes

Partner, Corporate
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Rob Lando

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Eric M. Levy

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  • RBC Capital Markets

    RBC Capital Markets in CAP REIT’s $345 million equity financing

  • RBC Capital Markets

    RBC Capital Markets in CAP REIT’s $250 million completed offering and over-allotment option

  • Cowen and Company, LLC

    Cowen and Company and the underwriters in Sundial Growers’ US$143 million U.S. and Canadian IPO of common shares and NASDAQ listing

  • Milestone Pharmaceuticals Inc.

    Milestone Pharmaceuticals Inc. in its US$82.5 million initial public offering

  • PRO Real Estate Investment Trust

    PRO Real Estate Investment Trust in its $57.6 million equity offering

  • BMO

    BMO in its US$500 million inaugural additional Tier 1 note offering

  • Hydro One Inc.

    Hydro One Inc. in its $1.5 billion offering of Medium Term Notes

  • Fairstone Financial Inc.

    Fairstone Financial Inc. in connection with its US$300 million note offering

  • CIBC World Markets

    CIBC World Markets in Osisko Gold Royalties' $110.7M secondary bought deal offering

  • Lightspeed POS

    The Underwriters in connection with Lightspeed POS’ $276 million IPO

  • Descartes Systems Group Inc.

    The underwriters in the USD$244 million cross border offering of common shares by The Descartes Systems Group Inc.

  • Fairfax Financial Holdings Limited

    The agents in the C$500 million offering of senior notes by Fairfax Financial Holdings

  • Chorus Aviation

    Chorus Aviation in Air Canada’s $97.3 million investment and CPA extension

  • Abacus Health Products

    Abacus Health Products in its going public transaction by way of a reverse takeover, US$15 million concurrent financing and listing on the Canadian Securities Exchange

  • Husky Energy

    Husky Energy in its US$750 million offering of senior unsecured notes

  • Abacus Health Products Inc.

    Abacus Health Products in its $34 million financing

  • True Leaf Medicine International

    True Leaf in its $10.5 million convertible security financing

  • HEXO Corp.

    The Underwriters in connection with a $57.5 million cross-border equity offering by HEXO Corp.

  • Canadian Pacific Railway

    The Underwriters in Canadian Pacific Railway Company’s $400 million debt offering

  • SmartCentres REIT

    SmartCentres in its $230 million bought deal equity offering

  • Delphi Energy Corp.

    Delphi Energy Corp. in its $15 million senior secured notes financing

  • Tilray

    The Initial Purchasers in connection with Tilray Inc.’s US$475 million 5% convertible notes offering

  • First Nations Finance Authority

    First Nations Finance Authority in its $138 million offering of Senior Secured Bonds

  • goeasy Ltd.

    The underwriters in the $46.46 million bought deal offering of goeasy Ltd. common shares by way of a prospectus supplement filed on October 1, 2018

  • PRO Real Estate Investment Trust

    PRO Real Estate Investment Trust in its $40.3 million equity offering including full exercise of over-allotment option

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Directories

Chambers

  • Chambers Canada: Canada’s Leading Lawyers for Business, 2017-2019: Band 1, Capital Markets.
    • "They are very proactive and their focus on solutions is good. They distinguish themselves in their ability to come up with solutions and advise in the broader context of business."
    • "They're very responsive; they are always on call and are attentive to our needs. I feel very well represented and very well advised."
  • Chambers Canada: Canada's Leading Business Lawyers, 2016-2019: Band 1, Corporate/Commercial: The Elite – Ontario.
    • "They are as good as any firm in Canada. They know our industry and business, give thorough and fixed advice and are very proactive. The quality of the lawyers is consistent, with a single point of contact."
    • "They've been extremely attentive – they do their job well and they do it efficiently."
  • Chambers Canada: Canada's Leading Business Lawyers, 2016-2019: Corporate/Commercial: The Elite – Alberta.
    • "One of the best firms to use for anything with a high degree of complexity and for matters that span multiple practice areas."
  • Chambers Canada: Canada's Leading Business Lawyers, 2016-2019: Corporate/Commercial: The Elite – Québec.
    • "They have a deep bench, which is invaluable. They are incredibly responsive and helpful in everything that they do."
    • "They were very nimble and they put together a very good team."
  • Chambers Global: The World's Leading Business Lawyers, 2018-2019: Band 1, Capital Markets.

Lexpert

  • The Canadian Legal Lexpert Directory, 2010-2019: Recognized in Corporate Finance & Securities (Toronto, Ontario; Ottawa, Ontario; Montreal, Quebec; Calgary, Alberta)
  • The Canadian Legal Lexpert Directory, 2017-2019: Recognized in Corporate Commercial Law (Toronto, Ontario; Ottawa, Ontario; Montreal, Quebec; Calgary, Alberta)
  • The Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada, 2015: Osler’s lawyers recognized in the area of Corporate Finance & Securities.

IFLR

  • IFLR Americas Awards, 2018: Osler named "Capital Markets firm of the year".
  • IFLR 1000: The Guide to the World’s Leading Financial Law Firms, 2009-2019: Tier 1, Capital Markets.

Legal 500

  • The Legal 500, 2015-2019: Tier 1, Capital Markets; Corporate Law.

Who’s Who Legal

  • Who’s Who Legal, 2015: Corporate Law.
  • Who’s Who Legal, 2015: Capital Markets.

Best Lawyers

  • The Best Lawyers in Canada, 2006-2018: Corporate Law and Securities Law.

Expert Guides

  • The Legal Media Group’s Expert Guides, 2018: Osler lawyers recognized as leaders in Capital Markets.

 

League Table Rankings

  • Financial Post, H1 2019: Osler ranked #1 as Canadian counsel to both issuers and underwriters for combined equity and debt offerings by value. 
  • Financial Post, 2018: Osler ranked #1 as Canadian counsel to the underwriters for combined equity and debt offerings by value. 
  • Bloomberg, 2018: Osler ranked #1 as Canadian counsel to the underwriters for corporate bond offerings by deal count.
  • Bloomberg, 2018: Osler ranked #2 as Canadian counsel to the underwriters for equity offerings by value.
  • Refinitiv, 2018: Osler ranked #1 as Canadian counsel to the underwriters for equity offerings by value.
  • Refinitiv, 2018: Osler ranked #1 as Canadian counsel to the underwriters for debt offerings by value and #2 by deal count.
  • Financial Post, 2017: Osler ranked #1 as Canadian legal counsel to both issuers and underwriters for combined equity and debt offerings by value.  
  • Bloomberg, 2017: Osler ranked #1 as Canadian counsel to the issuer for equity offerings by deal value.
  • Bloomberg, 2017: Osler ranked #1 as Canadian counsel to the issuer for IPOs by deal value.
  • Bloomberg, 2017: Osler ranked #2 as Canadian counsel to the underwriters for corporate bonds by deal value.
  • Thomson Reuters, 2017: Osler ranked #2 for Canadian Debt Offerings as issuer legal advisor by deal count.
  • Thomson Reuters, 2017: Osler ranked #2 for Canadian Debt Offerings as underwriter legal advisor by deal count.
  • Financial Post, 2016: Osler ranked #1 as Canadian legal advisor to the issuer for debt and equities combined by deal value and #2 by deal count.
  • Financial Post, 2016: Osler ranked #1 as Canadian legal advisor to the issuer for debt offerings by deal value.