Maritime Life Establishes Shelf Programme for Notes

Maritime Life Canadian Funding established a $1.5 billion shelf programme for the issuance of annuity-backed, secured, limited, recourse notes. The issuer is a special purpose trust established under the laws of Ontario. It acquires fixed-term annuities issued by Maritime Life using the proceeds from the issuance of a related series of notes. This programme is the first in Canada to be effected on a public rather than a private basis in North America.

The first offering under the programme was a $150 million offering of floating rate annuity-backed notes, series 2002-1 due in January 9, 2004. It was completed on January 22, 2002, with RBC Dominion Securities Inc. acting as dealer. The second offering under the programme was a $200 million offering of 5.39 per cent fixed-rate annuity-backed notes, series 2002-2 due March 12, 2007. It was completed on March 12, 2002, with RBC Dominion Securities, BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc. and TD Securities Inc., acting as the dealers.

Maritime Life was represented by Jeffrey Singer, Allan Goodman and Meredith Roth of Goodmans LLP. Blake, Cassels & Graydon LLP acted as counsel to the issuer, with a team that included Tim Unwin, Sam Principi, Stephen Ashbourne, David Simpson and Markus Viirland. Stikeman Elliott was counsel to the dealers with a team that included Mihkel Voore, Kieran O’Donnell and Greg Hogan.