Tax Advisory Services

Syndicate of agents co-led by TD Securities and Scotiabank in connection with the $200 million issue of series F senior unsecured debentures by CT REIT

On January 24, 2018, CT REIT announced that it has agreed to issue $200 million aggregate principal amount of series F senior unsecured debentures with a 9.8-year term and a coupon of 3.865% per annum, priced at a discount on issue to yield 3.866%. The debentures are rated BBB high and are...

Lead Office: Toronto Date Closed: January 24, 2018 Value: $200 million

Emera Inc. in its bought deal offering of common shares for $700 million

On December 28, 2017, Emera Inc. (“Emera”) announced the completion of its bought deal offering of 14,614,000 common shares at $47.90 per Common Share for aggregate gross proceeds of approximately $700 million. The syndicate of underwriters was led by RBC Capital Markets, CIBC...

Lead Office: Toronto Date Closed: December 28, 2017 Value: $700 million

SmartCentres REIT in connection with its $500 Million issue of investment grade Senior Unsecured debentures including $250 million 3 year Series R floating rate and $250 million 10 year Series S fixed rate debentures

On December 21, 2017 SmartCentres Real Estate Investment Trust ("SmartCentres") completed its previously announced agreement to issue $250 million aggregate principal amount of 3 year Series R senior unsecured floating rate (+0.66%) debentures and $250 million aggregate...

Lead Office: Toronto Date Closed: 21 December 2017 Value: $500 million

Wells Fargo Securities and BMO Capital Markets, as representatives for the initial purchasers, in a high yield notes offering by goeasy Ltd.

On November 1, 2017, goeasy Ltd. (“goeasy”) completed an offering of US$325 million aggregate principal amount of 7.875% senior unsecured notes due 2022 in the United States and Canada. goeasy Ltd. is a leading full service provider of goods and alternative financial services,...

Lead Office: Toronto Date Closed: November 1, 2017 Value: US$325 million

First Nations Finance Authority in its $126,000,000 offering of 3.05% Senior Secured Bonds, Series 2017-1, due June 1, 2028

On October 26, 2017, First Nations Finance Authority (“FNFA”) announced its $126,000,000 offering of 3.05% Senior Secured Bonds, Series 2017-1, due June 1, 2028. FNFA is the centralized borrowing agency for eligible First Nations across Canada. The FNFA provides investment...

Lead Office: Vancouver Date Closed: October 26, 2017 Value: $126 million

Underwriters in connection with the IPO of Roots Corporation on the TSX

On October 25, 2017, Roots Corporation, an iconic Canadian brand, completed its initial public offering (IPO). The IPO was a 100% secondary offering of Roots’ common shares by investment funds managed by Searchlight Capital Partners, L.P. and an entity indirectly controlled by Michael Budman and...

Lead Office: Toronto Date Closed: October 25, 2017 Value: -

The Bank of Nova Scotia in its launch of a new form of Additional Tier 1 Capital

On October 12, 2017, The Bank of Nova Scotia ("BNS") completed an offering of 4.650% fixed to floating rate non-cumulative subordinated additional Tier 1 Capital Notes for US$1.25 billion. This offering represented the first issuance of this new form of Additional Tier 1...

Lead Office: Toronto Date Closed: October 12, 2017 Value: US$1.25 billion

Syndicate of underwriters co-led by Scotia Capital Inc. CIBC World Markets Inc., RBC Dominion Securities Inc. and TD Securities Inc. in the $300 million public offering of preferred shares of Kinder Morgan Canada Limited

On August 15, 2017, Kinder Morgan Canada Limited ("KML") closed its public offering (the "Offering") of cumulative redeemable minimum rate reset preferred shares, series 1 ("Series 1 Preferred Shares"). The Offering was co-led by Scotia Capital Inc., CIBC...

Lead Office: Calgary Date Closed: August 15, 2017 Value: $300 million

Hydro One Limited in its offering of $1.4 billion 4.00% convertible unsecured subordinated debentures represented by installment receipts.

On August 9, 2017, Hydro One Limited (“Hydro One”) announced that its direct wholly-owned subsidiary, 2582764 Ontario Inc., completed its agreement to sell to a syndicate of underwriters (the “Underwriters”) $1.4 billion aggregate principal amount of 4.00% convertible...

Lead Office: Toronto Date Closed: 9 August 2017 Value: $1.4 billion

The underwriters in the US$1 billion hybrid note offering by Enbridge

On July 14, 2017, Enbridge Inc. completed a US$1 billion Fixed-to-Floating Subordinated Notes Series 2017-A offering. The Notes will mature on July 15, 2077 and Enbridge will pay interest at an initial fixed rate of 5.50% per year. These innovative hybrid notes provide the issuer with...

Lead Office: Toronto Date Closed: July 14, 2017 Value: US$1 billion