The Data Group Income Fund completed a $133 million initial public offering of units on December 21, 2004 ($148 million after the over-allotment option granted to the underwriters was exercised in full on January 11, 2005).
The net proceeds of the offering were used primarily to acquire Data Business Forms Ltd., a leading provider of total document management solutions including printed products. Concurrently with the closing of the offering, Data Business Forms repaid its existing credit facilities and entered into a senior secured revolving credit facility in the principal amount of $50 million, $40 million of which was drawn on closing.
The units were offered for sale by a syndicate of underwriters led by CIBC World Markets Inc. and TD Securities Inc., and included BMO Nesbitt Burns Inc., National Bank Financial Inc. and Scotia Capital Inc.
The Fund and the seller were represented by McCarthy Tétrault LLP with a team that included Jonathan Grant, Frank DeLuca, Robert Hansen, Ryan Hunter and Roger Chouinard (corporate and securities), James Morand (tax), Gordon Baird, Bernadette Saumur, Lynn Parsons and Keith Lau (banking) and Daniel Black (labour and employment). On US matters, the Fund and the seller were represented by Morrison Cohen LLP with a team that included Charles Modlin, Isaac Grossman and Seth Cohen.
The underwriters were represented by Torys LLP with a team that included James Scarlett, Darren Sukonick, Rena Shadowitz, Wendy Kennish and Nadine Rockman (corporate and securities) and Corrado Cardarelli and Jennifer Sandford (tax).
The lenders under the senior secured revolving credit facility were represented by Fasken Martineau DuMoulin LLP with a team that included Jon Holmstrom and David Johnson (banking and finance).