Legacy REIT Completes Bought Deal Financing

On November 1, 2002, Legacy Hotels Real Estate Investment Trust completed a bought deal financing pursuant to which it issued 19.5 million trust units (13 million to the public and 6.5 million to Fairmont Hotels & Resorts Inc.) for aggregate gross proceeds to Legacy of approximately $150 million.

Legacy was represented in-house by Terence Badour, secretary, Legacy, and senior vice-president, general counsel and secretary, Fairmont, and by McCarthy Tétrault LLP with a team that included David Woollcombe, Peter Goode and Jeffrey Johnstone (corporate/securities) and Jim Morand (tax).

The underwriting syndicate was led by RBC Capital Markets Inc. Frank Arnone, Michael Gans and Erica Young (securities), Jeff Trossman and Peter Lee (tax), David O’Brien and Iris Tam (real estate) and Jeff Sommers (pensions) of Blake, Cassels & Graydon LLP, acted for the underwriting syndicate.