On February 8, 2005, Spinrite Income Fund completed its C$202,912,000 initial public offering of trust units. The fund owns Spinrite Limited Partnership, a leading yarn manufacturer based in Listowel, Ontario, founded in 1956. The credit agreement was arranged among Spinrite Limited Partnership, as borrower, and the Bank of Nova Scotia, as administrative agent, as syndication agent, and the Bank of Nova Scotia and Bank of Montreal, collectively as lenders. Aggregate credit made available was $67.7 million. Spinrite Income Fund’s IPO follows Sentinel Capital Partners’ acquisition in January 2004 of Spinrite Limited Partnership.
The fund, Spinrite Limited Partnership and its financial sponsor, Sentinel Capital Partners, were represented by Torys LLP with a team that included Phil Brown, Adam Armstrong, Rena Shadowitz, Jamie Koumanakos, Michelle Campbell and Danial Lam (corporate); Adam Delean, Amanda Balasubramanian and Andrew Lannon (lending); Corrado Cardarelli, Ron Nobrega and Catrina Card (tax); Dennis Mahony (environmental); Don Roger (real estate); and Christina Medland and Nadine Côté (employment and compensation).
Stikeman Elliott LLP represented the underwriters, Scotia Capital Inc., CIBC World Markets Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc. and TD Securities Inc, with a team that included Joel Binder, Amanda Linett, Stee Asbjornsen and Erin Zipes (corporate) and Lianne Miller (tax).
The bank syndicate was represented by Gowling Lafleur Henderson LLP with a team composed of Harold Chataway, Manuel Martins, Thomas Subic and Richard Dusome.