VanCity Launches Commercial Paper Program

On December 1, 2004, Vancouver City Savings Credit Union (VanCity) initiated a $200 million commercial paper program. The commercial paper consists of short-term bearer deposit notes (the notes). The notes are being offered on a private placement basis and are rated R-1 (low) by the Dominion Bond Rating Service Ltd.

The transaction was led by CIBC World Markets Inc. and included Bank of Montreal, Desjardins Securities Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and the Toronto-Dominion Bank (collectively, the dealers). Credit Union Central of British Columbia acted as the note issuing and paying agent and provided a $200 million liquidity facility.

VanCity was represented by Byran Gibson, Jill Pereira and Ranj Sangra (corporate finance) and Chris Falk (tax) of McCarthy Tétrault LLP.

Each of the dealers was represented by their respective in-house counsel, including Kevin Gormely for CIBC World Markets Inc, Wendy Choy for Bank of Montreal, and Marlon Reid for the Toronto-Dominion Bank. Credit Union Central was represented by Rowland McLeod of Davis & Company.