Borealis Infrastructure Trust Issues $290M in Bonds

On May 3, 2001, Borealis Infrastructure Trust issued $290 million of 6.27 per cent Borealis-Enersource Series Bonds. Borealis was established last year by Borealis Funds Management Ltd., a subsidiary of the Ontario Municipal Employees Retirement System (OMERS). Proceeds of the offering were advanced to Enersource Corporation, which is 90 per cent owned by the City of Mississauga and 10 per cent owned by Borealis Energy Corporation, a wholly owned subsidiary of OMERS. Enersource applied most of these proceeds to acquire from the City of Mississauga existing indebtedness of Enersource’s wholly owned subsidiary Enersource Hydro Mississauga Inc., the successor entity to the energy distribution business of the Mississauga Hydro-Electric Commission.

The offering of this tranche of Borealis-Enersource Series Bonds was made by way of a supplement to a shelf prospectus for this series of bonds pursuant to National Instrument 44-102. Borealis was represented by lawyers from Meighen Demers LLP, including Jacques Demers, Mark Convery, Merie-Anne Beavis and Gil Cornblum. OMERS was represented by McCarthy Tétrault lawyers Philip Moore, David Lever, Henry Wiercinski, Stuart Miller, Don Gibson and Tallat Hussain. Enersource was represented by a team from Fraser Milner Casgrain LLP, including John Rhude, Heather Zordel, David Medina and Sander Grieve. The underwriting syndicate of TD Securities Inc., Scotia Capital Inc. and BMO Nesbitt Burns Inc. was represented by Torys lawyers Michael Feldman, Phil Symmonds, Cheryl Graden, Simon Knowling, Dennis Mahony and Len Griffiths (environmental) and Conrad Sheppard.