General Donlee Income Fund completed its initial public offering of $77.8 million of trust units on May 3, 2002, and the sale of an additional $11.67 million of trust units on May 23, 2002 pursuant to an option granted to the underwriters of the offering, led by RBC Dominion Securities Inc. The proceeds of the offering were used to purchase all the shares of General Donlee Limited from Granite Investment Corp. and other management vendors. General Donlee Limited is a leading diversified manufacturer of precision-machined products. In connection with the acquisition, The Bank of Nova Scotia made available a $19 million credit facility to General Donlee Limited.
The fund and General Donlee Limited were represented by Stikeman Elliott, with a team that included Simon Romano, Andrea Alliston, Orysia Semotiuk, Samantha Levy, Susan Allen and Andrés Durán (corporate), John Lorito (tax), Brenda Hebert (real estate) and Marie Garneau and Wesley Ng (banking).
The underwriters were represented by Torys LLP, with a team that included Philip Brown, Adam Armstrong and Jamie Koumanakos (corporate) and Corrado Cardarelli and Ann Marie McGovern (tax). The Bank of Nova Scotia was represented by William Robertson and Jonathan Dyck of Borden Ladner Gervais LLP. Granite Investment was represented by Ed Micheli of DelZotto, Zorzi. David Pamenter, and Sharon Bennett (tax), Neil Steenberg (securities) and Linda Kwak and Heather Lee (corporate) of Gowling Lafleur Henderson LLP acted for the management vendors.