Date closed: 5/6/2015   

Value: See below

On May 6, 2015, Boston Pizza Royalties Income Fund (the Fund) completed the acquisition of an additional 1.5% of franchise revenues from Boston Pizza restaurants in Canada, less the amount payable to Boston Pizza International Inc. (BPI) in respect of its retained interest (the Transaction).  The Fund acquired the additional interest in franchise revenues through its investment in a new limited partnership, controlled by BPI, for C$155.9 million. 

To partially finance the Transaction, the Fund (a) completed a bought deal public offering of 5,047,613 subscription receipts for gross proceeds of C$111.6 million and (b) entered into the New Credit Facilities with a Canadian chartered bank and drew down $33.3 million on those facilities.  Upon completion of the Transaction, each subscription receipt was automatically exchanged, for no additional consideration, for one unit of the Fund and a 10.2 cent distribution that the holder would have received had it held a Fund unit instead of a subscription receipt between April 16, 2015 and May 6, 2015.

BLG represented  BPI with a team led by Warren Learmonth that included Jennifer Archer, Melanie Bradley, Douglad G. Copland, Martha Martindale, Randy Morphy, Blair Rebane, Stephen P. Robertson and Robert D. Wallis.