Cineplex Galaxy Income Fund Completes IPO

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.

Cineplex Galaxy was represented in Canada by Goodmans LLP, with a team led by Stephen Pincus and included Tim Heeney, Meredith Roth, Robert Chadwick, Samantha Traub and Thiago Kurtz (corporate), Neil Harris, Mitchell Sherman and Sam Tyler (tax), Jeff Citron (banking) and Ken Herlin and David Goldstein (real estate); and in the US by Kaye Scholer LLP in New York, with a team that included Joel Greenberg and Lynn Fisher.

The underwriters were represented by Torys LLP, with a team that included James Scarlett, Matthew Cockburn, David Nowak, Sonia Keshwar and Ernest Wheeler (corporate) and Corrado Cardarelli and Ann Marie McGovern (tax).

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 Borden Ladner Gervais LLP, with a team led by Bruce Fowler, and included Gus Karantzoulis and Simon Wormwell (corporate) and Lee Woods (real estate).