On December 1, 1999 Bell Canada entered into a $300 million cross-border lease of qualified technological equipment with a subsidiary of Bank of America, National Association. The transaction also involved ABN Amro Bank N.V. and various affiliates as defeasance parties. It is understood that this may be the first time such a transaction has been implemented in Canada.
Canadian legal counsel was provided to Bell Canada by Robert G. Borduas and Jules Charette (tax) of Ogilvy Renault in Montreal. John J. Tobin and Bruce E. Fowler of Borden & Elliot in Toronto and Pierre B. Côté of McMaster Gervais in Montreal represented Bank of America while Nicholas Leblovic and Neal Armstrong (tax) of Davies, Ward & Beck acted for ABN Amro Bank. The U.S. law firms involved were Shearman & Sterling for Bell Canada, Mayer Brown & Platt for Bank of America and Linklaters & Alliance (New York) for ABN Amro Bank.