Arctic Glacier Completes IPO

Arctic Glacier Income Fund completed an initial public offering of $86 million in trust units through a syndicate of underwriters led by TD Securities Inc. and Scotia Capital Inc., and including CIBC World Markets Inc., RBC Dominion Securities Inc., National Bank Financial Inc. and Wellington West Capital Inc.
The fund is an unincorporated, open-ended mutual fund trust created to invest in the packaged ice manufacturing and distribution business in Canada and the U.S., initially through the acquisition of The Arctic Group Inc. by the fund’s wholly owned subsidiary. The conversion of The Arctic Group from a corporate entity into an income fund was effected through a plan of arrangement approved by securityholders at a special meeting of The Arctic Group, held on March 11, 2002. The conversion of The Arctic Group into an income fund was completed concurrently with the completion of the fund’s initial public offering.
The net proceeds of the offering, together with approximately $53 million of proceeds from a new syndicated credit facility led by TD Bank, were used to refinance existing debt of The Arctic Group.
For the fund, the deal was led in-house by Robert Nagy, chairman and chief executive officer; Mike Pyle, chief operating officer; and Keith McMahon, chief financial officer. David Calnan, assisted by Joe Brennan (securities) and Dennis Nerland (tax) of Shea Nerland Calnan in Calgary, acted for the fund and The Arctic Group in connection with the plan of arrangement of The Arctic Group and the initial public offering of units by the fund. Hugh Adams and Larry Bird of Tupper & Adams in Winnipeg acted in connection with the new syndicated credit facility, with assistance from Mike Weinberg and Stuart Chasanoff (corporate/securities), Teresa Cefalo (lending), Will Herzberger (real estate) and Adam Beringer (corporate/lending) of Jones, Day, Reavis & Pogue, on U.S. matters.
Goodmans LLP acted for the underwriters, with a team led by William Rosenfeld and including Sheldon Freeman, Chantal Thibault, David Sherman, Marion Leong and Tara Parker (corporate/securities) and Mitchell Sherman and Carrie Smit (tax). Goodmans also acted for TD Bank and RoyNat Inc. as lenders under the new credit facility, with a team that included David Nadler, David Wiseman and Victor Liu (banking) and Tom Macdonald and James McLellan (real estate). Jenkens & Gilchrist acted as U.S. counsel to the lenders with a team that included Michael Rist and Trevor Ives in Dallas.


Carrie B.E. Smit Trevor Ives David L. Wiseman David M. Calnan Stuart J. Chasanoff Adam R. Beringer Joe D. Brennan Tara Parker Sheldon Freeman David J. Nadler Victor Liu David M. Sherman Dennis L. Nerland Larry J. Bird Teresa M. Cefalo Michael Rist Jim McLellan Chantal Thibault Thomas M. F. Macdonald William P. Rosenfeld Marion Leong Mitchell J. Sherman Michael Weinberg William A. Herzberger


Shea Nerland LLP Tupper & Adams Jones, Day, Reavis & Pogue Jones Day Goodmans LLP