On May 18, 2001, Canadian Pacific Hotels & Resorts Inc. and James Richardson & Sons Limited completed the sale of 10.9 million units of Legacy Hotels Real Estate Investment Trust. The trust is an unincorporated closed-end real estate investment trust, and was sold in a bought deal public offering at a price of $8.60 per trust unit for gross proceeds to the selling unitholders of $93.74 million. The syndicate of underwriters was led by CIBC World Markets Inc., and included RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., TD Securities Inc., Scotia Capital Inc. and National Bank Financial Inc.
Patricia Wakelin, Legal Counsel for Legacy, was assisted in the transaction by McCarthy Tétrault with a team that included David Woollcombe, Peter Goode and Larry Henry (securities/corporate) and James Morand (tax). Blake, Cassels & Graydon LLP acted for the underwriters with a team consisting of Frank Arnone, Anoop Dogra and Prudence Watson (securities/corporate) and Jeffrey Trossman and Peter Lee (tax). Canadian Pacific Hotels & Resorts Inc. was represented by its Senior Vice-President and General Counsel Terence P. Badour. Blake, Cassels & Graydon LLP also acted for James Richardson & Sons with a team that included Alan Brown and Andrew Pollock.