Gaz Métro Completes Offering

On January 28, 2005, Gaz Métro Limited Partnership (GMLP) completed a bought deal offering of 2,830,000 units at $23 per unit for gross proceeds of $65,090,000. The net proceeds of the offering have been added to GMLP's corporate funds and will initially be used to reimburse a portion of its commercial paper, which is supported by its revolving credit facility, issued in connection with the acquisition of an ownership interest in the Intragaz Group, on December 31, 2004 for $90 million cash, subject to certain adjustments. On February 25, 2005, the underwriters exercised, in part, their over-allotment option, purchasing 190,303 units at $23 per unit, for gross proceeds of $4,376,969.

The offering was underwritten by a syndicate of underwriters led by BMO Nesbitt Burns Inc. and included National Bank Financial Inc., Desjardins Securities Inc., CIBC World Markets Inc., RBC Dominion Securities Inc. and Scotia Capital Inc.

The GMLP legal team was led by René Bédard, vice-president, legal affairs and corporate secretary, and J.B. Allard, director, legal affairs and claims management, and assisted by Osler, Hoskin & Harcourt LLP with a team that included Christiane Jodoin, Warren Katz and Christian Jacques.

The underwriters were represented by Desjardins Ducharme Stein Monast with a team that included Marc Rochefort, Valérie Douville and Stéphanie Raymond-Bougie.