On February 24, 2005, the Ontario Strategic Infrastructure Financing Authority (OSIFA) completed its inaugural offering of infrastructure renewal bonds (IRBs) series 2005–A1 due June 1, 2015. The $650-million, 10-year issue went out at a spread of six basis points over the benchmark Ontario bond. IRBs pay a coupon rate of 4.60 per cent and were issued at a price of $996.99 for a yield to the investor of 4.638 per cent. The proceeds of this issue will be used to finance infrastructure renewal loans to municipalities and universities.
OSIFA was represented in-house by Dermot Muir, general counsel, and Navin Katyal, legal counsel. OSIFA was also represented by Carol Pennycook and Steven Harris (securities) and John Zinn (tax) of Davies Ward Phillips & Vineberg LLP.
The underwriting syndicate was represented by Jeffrey Roy and Pat Gleeson (securities) and Chris Norton (tax) of Cassels Brock & Blackwell LLP. The syndicate was led by BMO Nesbitt Burns and included Scotia Capital, RBC Capital Markets, CIBC World Markets, the Toronto-Dominion Bank, National Bank Financial, Merrill Lynch, Casgrain and Company, Laurentian Bank Securities, Desjardins Securities and Canaccord Capital.