MDS Completes Private Placement

Toronto-based MDS Inc., closed a US$311 million private placement of debt securities on December 18, 2002. The guaranteed senior unsecured notes are comprised of five series with terms ranging from five to twelve years. The proceeds of the private placement will be used to repay existing and future tranches of bank debt.

MDS was represented in-house by Peter Brent, senior vice-president and general counsel. In Canada, MDS was assisted by Fasken Martineau DuMoulin LLP with a team including Richard Steinberg (corporate and securities), Douglas Cannon (tax) and Jon Holmstrom (banking) in Toronto. In the U.S., MDS was represented by Skadden, Arps, Slate, Meagher & Flom LLP, with a team including Christopher Morgan, Jason Saltzman and Eric Spindel (corporate and securities) in Toronto and Sally Thurston in New York.

The purchasers were represented by Chapman and Cutler in Chicago, with a team including Stacy Pike, Edward Pelican and Richard DiLallo.