Ornge Issuer Trust Completes $275M Debenture Offering

On June 11, 2009, Ornge Issuer Trust completed a private placement offering of $275 million principal amount of 5.727 per cent Series A debentures due June 11, 2034. The Series A debentures were assigned a credit rating of AA- (Neg) by Standard & Poor's Ratings Services. Ornge Issuer Trust is a trust created as a special purpose entity under the laws of Ontario.

The sole beneficiary of Ornge Issuer Trust is Ornge. Ornge is a federally registered, not-for-profit corporation and a world leader in transport medicine providing the residents of Ontario with access to Ontario's healthcare system through a fully integrated land and air medical transport system.

Ornge Issuer Trust intends to use the proceeds from the financing to, among other things, fund essential infrastructure required for Ontario's air medical transport service, including the purchase of new rotary and fixed-wing aircraft as well as the acquisition and improvement or expansion of certain related aircraft infrastructure. Ornge Issuer Trust will lease or license such aircraft and infrastructure to an affiliate of Ornge that provides the aero-medical transport services to the Province of Ontario.

The offering was made through a syndicate of agents, which was led by TD Securities Inc. and included National Bank Financial Inc. and Scotia Capital Inc.

Ornge Issuer Trust was represented in-house by Maria Renzella and Catherine Rosebrugh, and by Fasken Martineau DuMoulin LLP with a team that included Alfred Apps, Cynthia Heinz, Aaron Atkinson, Kevin Clinton, Michael Gleeson (corporate and securities); Jon Holmstrom, Brian Wright and Aaron Stefan (banking); Corina Weigl (trusts and charities); and Mitchell Thaw (tax).

The agents were represented by McCarthy Tétrault LLP with a team that included Andrew Armstrong, Orysia Semotiuk and Jennifer Brent (corporate and securities) and Stephen Furlan (banking).