Capital Markets Capital Markets

Royal Bank of Canada in its inaugural US$1 billion Limited Recourse Series 4 Capital Notes offering

On April 24, 2024, Royal Bank of Canada (RBC) completed its inaugural offering of US$1 billion aggregate principal amount of Limited Recourse Capital Notes, Series 4 (Non-Viability Contingent Capital (NVCC)) (LRCNs) in the United States of America and on a private placement basis in...

Lead Office: Toronto Date Announced: April 24, 2024 Value: US$1 billion

The syndicate of underwriters in the US$2.50 billion bond offering by the Province of British Columbia

On April 24, 2024, the Province of British Columbia closed an offering of US$2.50 billion aggregate principal amount 4.900% bonds, Series BCUSG-15, due April 24, 2029. National Bank of Canada Financial Inc., BofA Securities, Inc., J.P. Morgan Securities plc, RBC Capital Markets, LLC and Scotia...

Lead Office: Vancouver Date Closed: April 24, 2024 Value: US$2.50 billion

SECURE Energy Services Inc. in its $300-million high-yield note offering

On March 19, 2024, Osler acted for a syndicate of underwriters, led by BMO Capital Markets and National Bank Financial Markets as joint bookrunners, in connection with SECURE Energy Services Inc.’s $300-million private placement offering of 6.750% senior unsecured notes due 2029.   Osler,...

Lead Office: Toronto Date Announced: March 19, 2024 Value: $300 million

Mind Medicine in its US$175-million underwritten public offering and concurrent private placement

Osler represented Mind Medicine (MindMed) Inc. as Canadian counsel in connection with its US$175-million underwritten public offering and concurrent private placement. Leerink Partners and Cantor acted as joint bookrunning managers for the underwritten offering and placement agents for the...

Lead Office: Vancouver Date Announced: March 14, 2024 Value: US$175 million

The agents in connection with First Capital REIT’s offering of $300 million Series B unsecured debentures

On March 1, 2024, First Capital REIT announced the closing of its offering of $300 million aggregate principal amount of Series B senior unsecured debentures on a private placement basis in certain provinces of Canada. The debentures were offered through a syndicate of agents co‐led by Desjardins...

Lead Office: Toronto Date Announced: March 1, 2024 Value: $300 million

Milestone Pharmaceuticals in its public offering of common shares and pre-funded warrants

On February 28, 2024, Milestone Pharmaceuticals announced its underwritten public offering of its common shares and pre-funded warrants with proceeds of approximately $30.0 million. Milestone Pharmaceuticals, headquartered in Montréal, Québec, is a biopharmaceutical company focused on the...

Lead Office: Montreal Date Announced: February 28, 2024 Value: $30 million

General Motors in its US$150 million equity investment in Nouveau Monde Graphite

On February 15, 2024, General Motors announced its US$150 million equity investment in Nouveau Monde Graphite, which investment will be made in two tranches. At the closing of tranche 1, General Motors made an initial US$25 million equity investment to support the advancement of the Matawinie...

Lead Office: Vancouver Date Closed: -- Value: US$150 million

NOVA Chemicals Corporation in its Offering of US$400 million Senior Secured Notes and its Offering of US$650 million of Senior Unsecured Notes

Osler represented NOVA Chemicals Corporation (“NOVA”) in its 2023 private placement of US$400 million senior secured notes due 2028 (the “2028 Notes”) and its 2024 private placement of US$650 million senior unsecured notes due 2030(the “2030...

Lead Office: Toronto Date Closed: February 5, 2024 Value: US400 million and US$650 million

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