Banking and Financial Services Banking and Financial Services

Royal Bank of Canada in its $750 million Institutional Preferred Shares Series BU offering.

On January 25, 2024, Royal Bank of Canada completed its offering of 750,000 Non-Cumulative 5-Year Fixed Rate Reset Preferred Shares Series BU (NVCC) (Preferred Shares) to certain institutional investors for gross proceeds of $750 million. The holders of Preferred Shares will be entitled to...

Lead Office: Toronto Date Announced: January 25, 2024 Value: $750 million

First Nations Finance Authority in its $357 million offering of Senior Secured Bonds

On January 24, 2024, the First Nations Finance Authority (“FNFA”) completed its offering of $357 million in aggregate principal amount of 4.10% Senior Secured Bonds, Series 2024-1, due June 1, 2034. The offering was made through an underwriting syndicate comprised of CIBC World Markets Inc.,...

Lead Office: Vancouver Date Announced: January 24, 2024 Value: $357 million

goeasy Ltd. in its closing of an offering of US$550 million senior unsecured notes

On November 28, 2023, goeasy Ltd. closed an offering of US$550 million aggregate principal amount of 9.250% senior unsecured notes due 2028, made through a syndicate of initial purchasers. goeasy intends to use the proceeds from this offering to fund the redemption of all of its outstanding...

Lead Office: Toronto Date Closed: November 28, 2023 Value: US$550 million

Lead investor in its strategic placement in Aimia

On October 13, 2023, Aimia announced a strategic investment by way of a private placement by several arm's length, seasoned strategic investors, including current and former Fortune 500 company CEOs and executives. Mithaq Capital was subsequently unsuccessful in its application to the...

Lead Office: Toronto Date Closed: October 13, 2023 Value: -

SmartCentres Real Estate Investment Trust in its offering of $300 million Series Z senior unsecured debentures

On May 12, 2023, Smart Centers Real Estate Investment Trust announced that it has priced an offering of $300 million aggregate principal amount of 5.354% Series Z senior unsecured debentures on an agency basis. The debentures are being offered by a syndicate of agents. Scotia Capital is the lead...

Lead Office: Toronto Date Closed: May 12, 2023 Value: $300 million

Chemtrade Logistics Income Fund in its $110 million public offering of convertible debentures

On March 8, 2023, Chemtrade Logistics Income Fund completed a public offering of $100 million principal amount of 7.00% convertible unsecured subordinated debentures due June 30, 2028. The debentures were sold on a bought deal basis to a group of underwriters led by Scotiabank, TD Securities...

Lead Office: Toronto Date Closed: March 8, 2023 Value: $110 million

Bank of Montreal in its US$16.3 billion acquisition of Bank of the West

On December 20, 2021, Bank of Montreal announced the signing of a definitive agreement with BNP Paribas to acquire Bank of the West for a cash purchase price of US$16.3 billion. On closing, the acquisition will bring nearly 1.8 million customers to BMO and extends its banking presence in key U.S....

Lead Office: Toronto Date Closed: February 1, 2023 Value: US$16.3 billion

The Underwriters in goeasy’s $58 million bought deal offering of common shares

On November 21, 2022, goeasy Ltd., one of Canada’s leading non-prime consumer lenders, closed its bought deal offering of 488,750 common shares with a syndicate of underwriters led by BMO Capital Markets, National Bank Financial Inc. and RBC Capital Markets for aggregate gross...

Lead Office: Toronto Date Closed: November 21, 2022 Value: $58 million

Bank of Montreal in its $1 billion offering of Limited Recourse Capital Notes, Series 3

On September 13, 2022, Bank of Montreal closed its offering of $1 billion aggregate principal amount of 7.325% Limited Recourse Capital Notes, Series 3 (Non-Viability Contingent Capital (NVCC)) (subordinated indebtedness). The notes bear interest at a rate of 7.325 per cent annually, payable...

Lead Office: Toronto Date Closed: September 13, 2022 Value: $1 billion

Chemtrade Logistics Income Fund in its $86.5 million bought deal equity offering

On August 22, 2022, Chemtrade Logistics Income Fund (“Chemtrade”) completed a public bought deal offering of trust units. The underwriters elected to exercise the over-allotment option in full, resulting in a total of 10,005,000 trust units being issued for gross proceeds of...

Lead Office: Toronto Date Closed: August 22, 2022 Value: $86.5 million