Davis + Henderson Income Fund completed a $190 million initial public offering of trust units through a syndicate of underwriters led by CIBC World Markets Inc. and Scotia Capital Inc. on December 20, 2001. The proceeds of the offering, together with $80 million of proceeds from the term loan portion of a related $108 million credit facility, were used to indirectly acquire an interest in the Davis + Henderson cheque supply outsourcing business formerly operated as a division of MDC Corporation Inc.
The deal was led by James Johnson, president and chief operating officer, and Steve Marshall, executive vice-president, corporate development, MDC. Torys LLP acted for MDC and Davis + Henderson Income Fund, with a team that included Jamie Scarlett, Darren Sukonick and Sarah Lerchs (corporate, securities), Karrin Powys-Lybbe and Tyler McNamee (corporate, mergers and acquisitions), Corrado Cardarelli and Ann Marie McGovern (tax) and Hugh O’Reilly (employment, pension and benefits). Osler, Hoskin & Harcourt LLP acted for the underwriters and was represented by Andrew Aziz and Brian Temins (corporate, securities), Jack Silverson and Sabrina Wong (tax) and Paul Litner (pension and benefits).
Torys also acted for the borrower under the related credit facility, with a team that included Adam Delean, Janie Tremblay and Mel Blair. Aird & Berlis LLP represented the syndicate of lenders led by the Bank of Nova Scotia and CIBC. The Aird & Berlis team included John Torrey, Brian Wright, Randy Hooke, Glen Kennedy and Sean Beirnes.