On September 28, 2004, EL Financial Corporation Ltd., a $7.6 billion financial services holding company with the Empire Life Insurance Co. and the Dominion of Canada General Insurance Co. as major holdings, completed an offering on a bought deal basis of 4 million 5.3 per cent non-cumulative redeemable series B preference shares for gross proceeds of $100 million. The offering was the company’s first in 35 years. The syndicate of underwriters was led by Scotia Capital and included RBC Dominion Securities, BMO Nesbitt Burns, CIBC World Markets, National Bank Financial and TD Securities.
EL Financial was represented by Torys LLP, with a team that included Geoffrey Creighton, Christopher Fowles, Bill Estey and Danial Lam (corporate/securities) and Jim Welkoff and Andrea Shreeram (tax).
The syndicate of underwriters was represented by Fasken Martineau DuMoulin LLP, with a team that included Robert McDowell (corporate/financial institutions), Richard Steinberg and Robert Eberschlag (securities), Kathleen Hanly (tax), Ted Purdy (corporate) and Scott Mitchell (corporate and financial institutions).