ShawCor Completes Two Financings

ShawCor Ltd. completed two financings for an aggregate amount of US$240 million on July 3, 2003. In the first, a syndicate of banks established credit facilities for ShawCor and related companies in the maximum principal amount of US$165 million, with a possible extension to US$190 million. The banking syndicate was led by TD Bank and Bank One, NA, and included The Bank of Nova Scotia, Bank of Montreal, National Bank of Canada and Fifth Third Bank, Northern Kentucky, Inc.

In the second financing, ShawCor completed a US$75 million private placement of 5.11 per cent unsecured senior eight-year notes. The notes were purchased by companies and funds managed by The Prudential Insurance Company of America and GE Asset Management Incorporated. In both financings, guarantees and related legal opinions were required in respect of subsidiaries of ShawCor located in 16 different jurisdictions around the world.

ShawCor was represented in Canada, in both financings by Lang Michener, with a team that included Bill Sheridan (corporate finance/securities) and David Thring, Eric Friedman, Chris Partridge and Jonathan Hacohen (banking and restructuring); in the U.S., by Henry Havre, David Buck and Chris Wade of Andrews & Kurth LLP in Houston, Texas; and in the U.K., by John Taylor and Julian Maples of Addleshaw Goddard.

The banking syndicate was represented in Canada, by Fasken Martineau DuMoulin LLP, with a team that included Jon Holmstrom, Andrew Laidlaw and David Johnson (banking & finance); in the U.S., by Richard Walz and Christopher Eagen of Bryan Cave LLP in New York; and in the U.K., by Marcus Klockkner of Clifford Chance LLP.

The purchasers of the senior notes were represented by Neil Mann and Amy Ritter of Chapman and Cutler LLP in Chicago.