Page ContentAutoCanada Income Fund completes C$102 million initial public offeringDate Closed: 5/11/2006Value: C$102 million On May 11, 2006, AutoCanada Income Fund of Edmonton, Alberta, completed its initial public offering of 10,209,500 units for gross proceeds of $102,095,000. AutoCanada purchased, and will operate, the franchised automobile dealership business of Canada One Auto Group, which retained a 49.6 per cent interest in the Fund. As part of the transaction, DaimlerChrysler Financial Services Canada Inc. provided a $233,125,000 line of credit to AutoCanada for inventory, working capital and acquisition needs. AutoCanada is Canada’s only publicly traded entity with interests exclusively in the operation of franchised automobile dealerships. Through its 50.4 per cent indirect interest in AutoCanada LP, it operates 14 franchised automobile dealerships in six provinces and has over 800 employees. It currently sells various new vehicle brands, including Chrysler, Dodge, Jeep and Hyundai.DaimlerChrysler Canada Inc. was represented by its in-house counsel Steve Rose, and by Barry Bresner, Paul Mingay and Murray Shopiro of BLG.