The Greater Toronto Airports Authority renewed its medium term note program on December 4, 2003. Under the program, the Authority may issue up to $2 billion medium term secured notes. The dealers were BMO Nesbitt Burns Inc., CIBC World Markets Inc., Merrill Lynch Canada Inc., National Bank Financial, RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc.
On December 11, the Authority completed an issue of $200 million principal amount series 2003-2 medium term notes at $100.1916 per $100 principal amount plus 21 days of accrued interest for net proceeds of $200,469,665.59. The offering was made through a syndicate of dealers led by BMO Nesbitt Burns, and included CIBC World Markets, RBC Dominion Securities, Scotia Capital, TD Securities and National Bank Financial. This issue was a re-opening of an offering made on May 20.
The Authority was represented by in-house counsel Michael Hayashi; and assisted by Osler, Hoskin & Harcourt LLP, with a team that included Donald Ross, John Black and Lorraine Lynds (corporate and securities) and Andrew Kingissepp and Sabrina Wong (tax). The dealers were represented by Davies Ward Phillips & Vineberg LLP, with a team that included Carol Pennycook, Rosemary Newman and Dale Osadchuk (corporate and securities), Jennifer Toone (corporate and securities) in New York and John Zinn (tax).