Inco Completes U.S. Note Offering

Toronto-based Inco Limited, one of the world’s premier mining and metals companies, recently completed the issuance of US$400 million aggregate principal amount of its 7-3/4 per cent notes due May 15, 2012. The offering was completed in the U.S. pursuant to the Multijurisdictional Disclosure System. The offering was publicly announced on May 3, 2002 and completed on May 13, 2002. The offering was led by Merrill Lynch & Co., as book-running manager, and BMO Nesbitt Burns Inc., RBC Capital Markets Inc. and Scotia Capital Inc., as co-managers.

Inco was represented in-house by Stuart Feiner, executive vice-president, general counsel and secretary, and Mark Travers, assistant general counsel; and externally by Osler, Hoskin & Harcourt LLP in Toronto and New York, with a team comprised of Dale Ponder, Rob Lando and Sonya Reiss (corporate and securities) and Monica Biringer and Julie Colden (tax). Donald Crawshaw, Susan Krembs and Catherine Purdon (corporate and securities) and William Indoe, Judith Fiorini and Melanie Fitzpatrick (tax) of Sullivan & Cromwell in New York acted as U.S. counsel.

The underwriters were represented by Davies Ward Phillips & Vineberg LLP, with a team that included Patricia Olasker, Thomas Smee and Lisa Damiani (corporate and securities), Colin Campbell and Claire Kennedy (tax) and Sarah Powell and Alex Pike (environmental). Brice Voran, Jason Lehner and Adam Givertz of Shearman & Sterling in Toronto acted as U.S. counsel to the underwriters.