Marsulex Inc. and Chemtrade Logistics Income Fund completed an initial public offering of $119 million of units of Chemtrade on July 18, 2001. Chemtrade was formed to acquire the eastern North American sulphur removal businesses of Marsulex and Marsulex’s subsidiary BCT Chemtrade Corporation for $156 million, which purchase price was paid through proceeds of the offering, exchangeable shares, and a related bank facility of Chemtrade with the Bank of Nova Scotia and CIBC as co-lenders.
Stikeman Elliott acted for Marsulex and Chemtrade Logistics Income Fund on the initial public offering of units. The Stikeman Elliott team included Rod Barrett, Dee Rajpal, Nathalie Mercure, Ron Ferguson, Roberta Carano, Donald Belovich, Justin McKellar and Samantha Levy (corporate/securities), Paul Collins and Shawn Neylan (competition), Larry Cobb (environmental), Lianne Miller (tax) and Mario Paura and Chris Hanson (real estate). Stikeman Elliott also acted for Chemtrade in connection with the bank facility.
Torys acted for the co-lead underwriters, CIBC World Markets Inc. and Scotia Capital Inc., in connection with the initial public offering of units. The Torys team included Jamie Scarlett, Darren Sukonick, Sonia Keshwar, Mark Adkins, Marni Halter and Wendy Kennish (corporate/securities), Len Griffiths (environmental), Hugh O’Reilly (employment), Corrado Cardarelli and Ann Marie McGovern (tax) and Bill Estey (research). Smith Lyons LLP (Gowling Lafleur Henderson LLP, effective September 1, 2001) acted on behalf of the Bank of Nova Scotia and CIBC, with a team of lending counsel, Lilly Wong, David Cohen, Hilda Wong, Kelly Murray, Melissa Catalano and environmental counsel Katherine van Rensburg and Jim Fisher.