Ontario Teachers\' Pension Plan Board Invests in Australian Project

On February 14, 2003, Ontario Teachers’ Pension Plan Board made a $450 million convertible debt investment in an affiliate of Australia’s Macquarie Infrastructure Group. The loan proceeds were in turn invested by the issuer in a project to build a toll road around Sydney. The debt is convertible after five years into securities of publicly-listed Macquarie Infrastructure Group.

Torys LLP acted as lead counsel for the board, with a team that included Adam Delean and John Toffoletto (corporate) and John Tobin (tax and regulatory), under the direction of in-house counsel Michael Padfield (investments). Jeffrey Keey of Stikeman Elliott LLP in London, acted for the board in the U.K. Atanaskovic Hartnell in Sydney acted as Australian counsel to the board with a team led by Danny Farrugia.

Baker & McKenzie in Sydney, London and Toronto acted for the issuer and for Macquarie, with a team led by Rodney Stone and Tim Gee in London.