BFI Canada Completes Public Offering of Common Shares

BFI Canada Ltd. closed its public offering of 8,500,000 common shares on March 6, 2009. The underwriters fully exercised the over-allotment option to purchase an additional 1,275,000 shares on March 30, 2009. The shares were sold at a price of $9.50 per share for aggregate gross proceeds of $92,862,500. BFI Canada used the proceeds of the offering to repay a portion of its outstanding borrowings under its US senior revolving credit facility.

The common shares were sold on a bought deal basis through a syndicate of underwriters co-led by TD Securities Inc., RBC Dominion Securities Inc. and CIBC World Markets Inc., and included National Bank Financial Inc., BMO Nesbitt Burns Inc., Scotia Capital Inc., Clarus Securities Inc., Cormark Securities Inc., Macquarie Capital Markets Canada Ltd., Octagon Capital Corporation and Raymond James Ltd.

BFI Canada's team was represented in-house by William Chyfetz, its vice president, general counsel and secretary. Torys LLP acted as counsel for BFI Canada with a team that included Philip Brown, Glen Johnson, Adam Armstrong, Peter Bryce, Jonathan Cescon, Sean Keating and Sandra Iacobelli (securities); Corrado Cardarelli and Richard Johnson (tax); and Dennis Mahony (environmental).

The underwriters were represented by Stikeman Elliott LLP with a team comprised of Jeffrey Singer, Donald Belovich, Sheel Parekh, Wendy Yu, Katrina Svihran and Matthew Bassani (corporate/securities); John Lorito (tax); and Larry Cobb (environmental).