Cineplex Galaxy Income Fund completes $175 million initial public offering

Date Closed: 11/26/2003

Value: $175 million

On November 26, 2003, Cineplex Galaxy Income Fund completed its initial public offering of 17.5 million trust units for gross proceeds of $175 million. The fund used the proceeds to acquire an indirect 36.8 per cent interest in Cineplex Galaxy LP. The underwriting syndicate was led by RBC Capital Markets Inc. and Scotia Capital Inc., and included CIBC World Markets Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Griffiths McBurney&Partners and Westwind Partners Inc. Concurrent with the offering, Cineplex Galaxy entered into new credit facilities with a syndicate of banks led by the Bank of Nova Scotia and Royal Bank of Canada.

The banking syndicate was represented by BLG, with a team led by Bruce Fowler, and included Gus Karantzoulis and Simon Wormwell (corporate) and Lee Woods (real estate).