On November 12, 2003, Maritime Life Canadian Funding completed a $200 million offering of 4.551 per cent annuity-backed, secured, limited recourse notes series 2003-1 due on November 12, 2008.
The offering was completed under the $1.5 billion shelf program established by Maritime Life Canadian Funding for the issuance of annuity-backed, secured, limited recourse notes. The proceeds from the issuance of the notes were used to acquire a fixed-term annuity issued by the Maritime Life Assurance Co. RBC Dominion Securities Inc. was sole dealer.
Maritime Life Canadian Funding was represented by Blake, Cassels & Graydon LLP, with a team that included Stephen Ashbourne, Sam Principi, Chris Javornik and Jonathan Piurko. Maritime Life Assurance Company, Canada, was represented by Allan Goodman of Goodmans LLP. The Canada dealer was represented by Stikeman Elliott LLP, with a team that included Mihkel Voore and Mark Katz.