Michael Innes

Michael is the National Chair of Osler’s Corporate Group which encompasses Capital Markets, Emerging and High Growth Companies, M&A and Private Equity. He is a member of the Firm’s Diversity Committee Executive Council and Operations Committee, and is the former Chair of the Firm’s Audit Committee and a former member of the Firm’s Partnership Board. He has been nationally and internationally recognized as a leading capital markets and cross-border corporate lawyer in Canada.

Michael’s practice focuses on capital markets, mergers and acquisitions, private equity and general corporate matters. He has advised clients in transactions involving the private placement and public offering of debt and equity securities, take-over bids, plans of arrangement, private equity fund formations and leveraged buy-outs. He has also advised various pension funds in their investment activities and various private equity funds in connection with their formation and investment activities. 

Michael has provided corporate, M&A and securities law advice to issuers and market participants in the electricity, telecommunications, media, automotive, robotics, life sciences, financial, pension, benefits, real estate, semiconductor, mining, printing, food and general technology sectors.


Representative Work

Corporate Finance

  • The agents in connection with First Capital REIT‘s offering of $300 million Series B unsecured debentures
  • goeasy Ltd. in its closing of an offering of US$550 million senior unsecured notes
  • Hydro One Inc. in its inaugural $1.05 billion offering of Medium Term Notes under New Sustainable Financing Framework
  • The Underwriters in goeasy’s $58 million bought deal offering of common shares
  • The Underwriters in connection with Teranet’s $500 million senior secured bond offering
  • The Underwriters in connection with TELUS Corporation’s US$900 million Sustainability-Linked bond offering
  • Dream Industrial REIT in its $250 million green bond offering
  • The syndicate of agents in Nissan Canada’s $500 million notes offering of 2.103% senior notes
  • The Underwriters in John Deere’s $400 million private placement
  • The Agents in CGI Inc.’s Canadian and U.S. offerings of Notes consisting of a private offering of US$1 billion in aggregate principal amount of senior unsecured notes, consisting of US$600 million aggregate principal amount of 5-year notes and US$400 million aggregate principal amount of 10-year notes, and $600 million aggregate principal amount of 7-year senior unsecured notes which bear interest at 2.100% per annum
  • Offerings by Hydro One Inc. of $900 million Medium Term Notes consisting of $450 million of 2.23% Medium Term Notes and $450 million of 3.10% Medium Term Notes
  • RBC Capital Markets in TELUS Corporation’s $750 million inaugural Sustainability-Linked Bond offering
  • Dream Industrial REIT in its $800 million debenture offering and inaugural green bond issuance
  • Initial public offering of Hydro One Limited by way of secondary offering of the Province of Ontario of 89,250,000 common shares for aggregate gross proceeds of $1.83 billion (acted for Issuer)
  • Offerings by Hydro One Inc. of $350 million 1.62% Notes due 2020, $228 million Floating Rate Notes due 2019 and $350 million 4.17% Notes due 2044 (acted for Issuer)
  • Offerings by Rogers Communications Inc. of US$1,000 million 3.70% Senior Notes due 2049, $1,000 million 3.25% Senior Notes due 2029, US$1,250 million 4.35% Senior Notes due 2049, US$300 million 3.625% Senior Notes due 2025, US$1,050 million 5.0% Senior Notes due 2044, $250 million Floating Rate Senior Notes due 2017, $400 million 2.8% Senior Notes due 2019 and $600 million 4.0% Senior Notes due 2024 (acted for Agents)
  • Cross-border MJDS Offerings by Telus Corporation of $250 million 1.5% Senior Notes, Series CS due 2018, $1 billion 2.35% Senior Notes, Series CT due 2022, $500 million 4.40% Senior Notes, Series CU due 2046 and $600 million 3.75% Senior Notes, Series CV due 2026 (acted for Agents)
  • Offering by American Express Canada Credit Corporation of $575 million 2.31% Notes due 2018 (acted for Issuer)
  • Offerings by Shoppers Drug Mart Corporation of $225 million 2.01% Notes due 2016 and $275 million 2.36% Notes due 2018 (acted for Issuer)
  • Various bond offerings by General Motors Financial of Canada, Ltd., OPB Finance Trust, Ventas Canada Finance Limited, The Goldman Sachs Group Inc. and J.P. Morgan Chase & Co. (acted for Issuer)
  • Cross-border MJDS Offering by Barrick Gold Corporation of 108,962,500 common shares for aggregate gross proceeds of $4.026 billion (acted for Underwriters)
  • Initial public offering by Genworth MI Canada Inc. of 49,774,100 common shares for aggregate gross proceeds of $945 million (acted for Underwriters)

 

Mergers & Acquisitions

  • LifeWorks in its announced $2.9 billion acquisition by TELUS
  • Symplicity in its acquisition of Orbis Communications
  • Dream Industrial REIT in its $850 million European logistics portfolio acquisition and associated financing
  • The Underwriters in goeasy’s $172.5 million subscription receipt offering in connection with its $320 million proposed acquisition of LendCare
  • Hydro One Inc. in connection with its agreement to acquire Great Lakes Transmission LP for $222 million in cash and the assumption of $151 million of indebtedness
  • Maple Leaf Foods Inc. in connection with the disposition of its 90% interest in Canada Bread Company, Limited for aggregate proceeds to Maple Leaf of $1.65 billion
  • Maple Leaf Foods Inc. in connection with its purchase of substantially all of the assets of The Puratone Corporation through a CCAA process
  • Maple Leaf Foods Inc. in connection with the disposition of its turkey breeding, hatching and growing operations
  • Glamis Gold Ltd. in connection with its US$21.3 billion plan of arrangement with Goldcorp Inc. and in connection with its previous $2.9 billion unsolicited hostile take-over bid for Goldcorp Inc.
  • ThyssenKrupp AG in connection with its $5.3 billion take-over bid for Dofasco Inc.

 

Private Equity

  • Canada Pension Plan Investment Board in connection with investments in private equity funds located in Canada, the United States and Europe
  • Mesirow Financial in connection with the offering of limited partnership interests of various private equity funds in Canada
  • Ares Management LLC in connection with the offering of limited partnership interests of various private equity funds in Canada
  • NAV Canada Pension Plan in connection with investments in various private equity funds located in Australia, Canada and the United States

Latest Insights

  • Osler Update Jan 11, 2023

    Capital markets activity slows as regulatory changes appear on the horizon

    After a frenzied 18-month period for the capital markets in Canada, 2022 saw a rapid about-face in activity levels, with initial public offering...

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    Capital markets activity slows as regulatory changes appear on the horizon
  • Webinar Oct 13, 2022

    Recent Developments in Hybrid Securities

    An update on recent developments in hybrid debt, with a particular focus on hybrid debt securities that provide equity credit for rating agency...

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    Recent Developments in Hybrid Securities
  • Osler Update Dec 13, 2021

    Progressive changes in a historic year for capital markets activity

    A number of changes were implemented or proposed to reduce uncertainty, create greater efficiency or harmonize rules or the interpretation of those...

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    Progressive changes in a historic year for capital markets activity
  • Osler Update Sep 21, 2021

    ESG investing and financing for pension funds – GPFA webinar

    “It just makes too much sense for both issuers and investors.” Osler’s Timothy Hughes and Michael Innes joined an international panel presented...

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    ESG investing and financing for pension funds – GPFA webinar
View all Insights

Awards and Recognition

  • Chambers Canada: Canada’s Leading Lawyers for Business: Recognized in Capital Markets: Debt & Equity (Band 1) (Nationwide – Canada)
  • Chambers Canada: Canada’s Leading Lawyers for Business: Recognized in Capital Markets: Debt & Equity (Band 1) (Nationwide – Canada)
  • Chambers Global: The World’s Leading Business Lawyers: Recognized in Capital Markets: Debt & Equity (Band 1)
  • The Canadian Legal Lexpert Directory: Recognized in Corporate Commercial Law; Corporate Finance & Securities
  • Legal 500: Recognized in Capital Markets
  • IFLR 1000: The Guide to the World’s Leading Financial Law Firms: Recognized in Capital Markets: Debt, Equity and High Yield; M&A (Market Leader)
  • Who’s Who Legal: Recognized in Capital Markets (Canada); Capital Markets – Debt & Equity (Global)
  • Best Lawyers in Canada: Recognized in Securities Law

Media Mentions

  • Osler News Feb 3, 2023

    Michael Innes named Chair of Osler’s Corporate department

    Osler is pleased to announce that Michael Innes has been appointed National Chair of the firm’s Corporate department, encompassing our...

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  • Osler News Feb 16, 2024

    Osler recognized as a leading firm in Chambers Global 2024 Guide

    Osler recognized as a leading firm in Chambers Global 2024 Guide

    Read more
  • Osler News Jan 9, 2024

    34 Osler lawyers recognized in 2024 Lexpert/American Lawyer Guide to Leading 500 Lawyers in Canada

    Osler is pleased to announce that 34 of our lawyers have been recognized in the 2024 edition of the Lexpert/American Lawyer Guide to the Leading 500...

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  • Osler News Apr 19, 2023

    42 Osler lawyers recognized by Lexpert as leaders in Finance and M&A

    Osler is proud to announce 42 of our lawyers have been recognized as leaders in the Lexpert Special Edition: Finance and M&A 2023.

    Read more
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Speaking and Writing

Speaking Engagements

speaker 13/10/2022
Recent Developments in Hybrid Securities
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Published Work

  • 2012 Corporate Finance Review, Osler Capital Markets Review 2012, January 2013.
  • High Yield Debt – A New Form of Capital in Canada, Osler Capital Markets Review 2010, January 2011.
  • Recent Legislative Changes Encouraging for Foreign Private Equity Investment in Canadian Companies, Osler Corporate Review, November 2007.

Credentials

Education

  • University of Toronto, LL.B.
  • University of Waterloo, B.A.Sc.

Languages

  • English

Professional Affiliations

  • Canadian Bar Association
  • Law Society of Ontario
  • Massachusetts Board of Bar Overseers