On May 17, 2007, Northstar Healthcare Inc. completed an initial public offering of 12,087,698 common shares for gross proceeds of $148,074,300 and on June 5, 2007, the underwriters exercised their over-allotment option and purchased an additional 1,813,154 common shares for gross proceeds of $22,211,136.
The syndicate of underwriters was led by BMO Nesbitt Burns Inc. and included CIBC World Markets Inc., RBC Dominion Securities Inc., National Bank Financial Inc., Canaccord Capital Corporation and Wellington West Capital Markets Inc.
Northstar is a corporation formed to indirectly acquire and/or manage ambulatory surgery centres in the United States, focusing initially on Houston and other metropolitan areas in Texas. The net proceeds of the offering were used by Northstar to indirectly acquire a 55 per cent partnership interest in The Palladium for Surgery – Houston, and a 60 per cent partnership interest in Medical Ambulatory Surgical Suites, while the net proceeds of the over-allotment option were used to indirectly acquire an additional 15 per cent partnership interest in The Palladium for Surgery - Houston.
Goodmans LLP represented Northstar with a team led by Stephen Pincus and including John Connon, Brad Ross and Peter Hawkings (corporate), Alan Bowman, Jon Northup and Marisa Wyse (tax) with US representation from Gary Gartner, Jeffrey Scheine and Arthur Woodard (tax), Nancy Fuchs, Russell Pallesen and Tom Horenkamp (corporate), Albert Fenster and Alfred Bianco (finance), William Wagner and Elizabeth Benda (business reorganization) of Kaye Scholer LLP and Douglas Samuelson of Cokinos, Bosien & Young P.C. Sheryl Dacso of The Dacso Law Firm acted as US regulatory health counsel to the Northstar ASCs.
Borden Ladner Gervais LLP represented the underwriters with a team that included William Sirett, Gordon Raman and Terence Lui (corporate) and Robert Kopstein (tax), with US representation from Lawrence Crouch and Elizabeth Lieb (tax) and Christopher Cummings (corporate/securities) of Shearman & Sterling LLP and Eric Blumrosen, Jane Taber and Jess Frey (corporate), Dan Leightman (tax) and Merritt Chastain (labour) of Gardere Wynne Sewell LLP.