OMERS\'s $1.3B Term Debt Financing

BPC Properties Ltd., a related company of the Ontario Municipal Employees Retirement Board (OMERS), completed a $1.3 billion financing with Credit Suisse First Boston, Canadian Imperial Bank of Commerce, Bank of Montreal and Royal Bank of Canada, enabling the completion of its takeover bid for all the common shares of Oxford Properties Group Inc., on October 17, 2001. The transaction involved complex structuring to comply with pension and benefits legislation. The acquisition side of the deal was published in the November/December 2001 issue of Lexpert.

BPC Properties and OMERS were represented by Davies Ward Phillips & Vineberg LLP with a team that included Scott Hyman and Julie Lane. Blake, Cassels & Graydon LLP acted for the lending group, with a team that included Martin Fingerhut, Nathan Cheifetz, Martin Herman, Kathleen Penny, Rob Collins and John Solursh. Rose Bailey of Torys LLP acted for State Street Trust Company Canada.