TRIAX Completes IPO

TRIAX CaRTS III Trust completed an initial public offering in Canada of 25 million units (CaRTS) of the Trust, raising $625 million on May 10, 2001.

The trust’s investment objectives are to provide unitholders with a stable stream of quarterly distributions of at least $0.5625 ($2.25 per annum to yield 9.0 per cent on the subscription price of $25 per unit), to pay unitholders on or about December 31, 2012, an amount equal to the subscription price of $25; and to pay to unitholders on or about December 31, 2012, in addition to the subscription price of $25, approximately $11, being the approximate initial value per unit of the trust’s active portfolio. The offering follows similar offerings by trusts also managed by TRIAX Investment Management Inc., TRIAX CaRTS Trust, which completed its original public offering of approximately $102 million of CaRTS in May 2000, and TRIAX CaRTS Technology Trust, which completed its initial public offering of approximately $219 million of CaRTS in October 2000.

TRIAX and the trusts were represented by a McMillan Binch team of Margaret McNee, Walter Lehman and Courtney Weiner (securities), David Wentzell and Mark Lobsinger (tax) and Tim Baron (derivatives). Andrew Aziz and Stephen Solursh (securities) and Dan MacIntosh (tax) of Osler, Hoskin & Harcourt LLP represented the underwriting syndicate for TRIAX CaRTS III Trust led by TD Securities Inc., Merrill Lynch Canada Inc. and RBC Dominion Securities Inc. and the underwriting syndicates for the other trusts.