Select 50 S-1 Income Trust completes $313 million offering

Date Closed: 1/08/2003

Value: $313 million

In August 2003, Select 50 S-1 Income Trust completed an offering of 31,313,343 trust units at $10 per unit for gross proceeds of $313,133,430. The original offering for $300 million closed on August 20, and the closing for the exercise by the agents of their over allotment option, for $13,133,430 occurred on August 28. The trust’s objectives are to maintain a Standard&Poor’s SR-1 stability rating and to provide unitholders with monthly distributions to the extent of the distributions received by the trust. National Bank Financial and CIBC World Markets Inc. co-led the offering, with a syndicate that included RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Capital Corp., Dundee Securities Corp., First Associates Investments Inc., HSBC Securities (Canada) Inc. and Raymond James Ltd.

Sentry Select and the trust were represented by BLG, with a team that included Paul Findlay, Michael De Cosimo and Sarah Gardiner (securities/corporate), Stephen Fyfe and Stephanie Wong (tax) and Joanne Foot and Bindu Pendala (banking).