On February 15, 2008, Terasen Gas (Vancouver Island) Inc. (“TGVI”) closed a $250 million issue of senior unsecured debentures. The debentures were issued at an interest rate of 6.05 per cent per annum and will mature on February 15, 2038.
TGVI owns and operates the natural gas transmission pipeline from the Greater Vancouver area underwater to Vancouver Island and the distribution systems on Vancouver Island and along the Sunshine Coast of British Columbia. TGVI is a wholly owned subsidiary of Terasen Inc. and an indirect wholly owned subsidiary of Fortis Inc.
TGVI was represented by its in-house counsel, David Bennett, Anna Fung, QC, and Deborah Ling, and by Farris, Vaughan, Wills & Murphy LLP with a team of Herb Dodd, QC, and Trevor Scott.
RBC Dominion Securities Inc. led the syndicate of selling agents for the debentures, which included CIBC World Markets Inc., TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc. and Scotia Capital Inc.
The selling agents were represented by Stikeman Elliott LLP, Vancouver, with a team of Mike Allen, Philip Griffin and Simon Biancardi.