HSBC Bank Canada Completes $175M Offering

On April 19, 2005, HSBC Bank Canada completed a public offering of 7 million preferred shares series C for gross proceeds of $175 million. The class 1 preferred shares series C were priced at $25 to yield 5.10 per cent.

The offering was made through a syndicate of underwriters co-led by HSBC Securities (Canada) Inc. and TD Securities Inc., and included RBC Dominion Securities Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Desjardins Securities Inc., National Bank Financial Inc. and Trilon Securities Corp.

HSBC Bank Canada was represented internally by Scott Bartos and Annelle Wilkins, and by its external counsel Borden Ladner Gervais LLP, with a team from Vancouver that included Bill Sirett, Jason Brooks and Eric Doherty (securities), Bruce Sinclair (tax), and Debra Sing, Q.C., and Ambrose Sung (banking regulation/corporate).

The underwriters were represented by Stikeman Elliott LLP with a team that included Philip Henderson, Mihkel Voore and Greg Hogan (securities) and Kevin Kelly (tax).