Page ContentMedical Facilities completes $221 million IPS offeringDate Closed: 3/29/2004Value: $221 million Medical Facilities Corp. completed, on March 29, 2004, an initial public offering of 22,173,212 income participating securities (IPS) for gross proceeds of $221,732,120. Each IPS consists of a common share and a subordinated note. Medical Facilities used the proceeds of the offering to indirectly acquire a 51 per cent interest in Sioux Falls Surgical Center, LLP, Black Hills Surgery Center, LLP and Dakota Plains Surgical Center, LLP (MFC partnerships), which own and operate three of the largest specialty hospitals in South Dakota. The IPS structure is designed for Canadian investors and is part of the income fund sector. The offering was underwritten by a syndicate of underwriters led by BMO Nesbitt Burns Inc. and TD Securities Inc., and included RBC Dominion Securities Inc., National Bank Financial and Canaccord Capital Corp. The underwriters were represented by BLG, with a team that included Bill Sirett, Gordon Raman, Warren Learmonth, Barbara Smith, Dario Fracca, Dyana McLellan, Jamie Afifi and Julie Mansi (corporate/securities) and Robert Kopstein and Bruce Sinclair (tax).