Barclays Top 100 Equal Weighted Income Fund Completes IPO

On November 17, 2004, Barclays Top 100 Equal Weighted Income Fund, a structured trust, completed its C$292 million (including over-allotment) initial public offering of trust units. The Fund will invest in the securities of the largest 100 (by market capitalization) distribution-paying income funds listed on the TSX, on an equal weighted basis. In connection with the offering, the Fund entered into a $30 million loan facility with the Royal Bank of Canada to provide leverage to generate enhanced returns. This offering is the largest to date in the Barclaysfunds line of structured products introduced by Barclays Global Investors over the last two years. The underwriting syndicate was led by RBC Dominion Securities, CIBC World Markets and BMO Nesbitt Burns.
Torys LLP represented the Fund and Barclays Global Investors on the offering and the credit facility, under the direction of in-house counsel Warren Collier. The Torys team included Pat Koval, Mike Amm, Richard Johnson and John Guccione (corporate/securities), Corrado Cardarelli and Ann Marie McGovern (tax), Amanda Balasubramanian (credit facility) and Chris Fowles (derivatives).
The underwriters were represented by Osler, Hoskin & Harcourt LLP with a team that included Andrew Aziz and Lori Stein (corporate/securities) and Daniel MacIntosh and Lara Friedlander (tax).