Industrial Alliance Completes Securities Offering

On July 4, 2003, Industrial Alliance Capital Trust and Industrial Alliance Insurance and Financial Services Inc. closed a $150 million offering of trust securities. These securities constituted innovative tier-one capital for regulatory purposes. The offering required a change in Quebec insurance legislation, the adoption by the Quebec Inspector General of Financial Institutions of new capital adequacy guidelines relating by the Quebec Inspector General of Financial Institutions of new capital adequacy guidelines relating to innovative tier-one capital and the reorganization of Industrial Alliance’s capital structure.

Industrial-Alliance and the trust were represented by McCarthy Tetrault LLP under the direction of Georges Smith, general counsel, Industrial Alliance. The McCarthy Tetrault team included Daniel Benay, Juliette D’Hollander, Danielle Miller and Claude Desaulniers (tax) in Montreal, supported by Barry Ryan, Steven Kim, Tara Rosenblatt and Gabrielle Richards (tax) in Toronto.

The underwriting syndicate was led by Scotia Capital inc. and included Merrill Lynch Canada Inc., National Bank Financial inc., RBC Capital Markets Inc., Griffith McBurney & Partners and Industrial Alliance Securities Inc. The underwriters were represented by Ogilvy Renault, with a team that included Jean Diagle, Pierre Rousseau and Cathy Singer (securities and regulatory) and Eric Gelinas (tax).

Lawyer(s)

Barry J. Ryan Gabrielle M.R. Richards Danielle Olofsson Jean Daigle Tara R. Rosenblatt Pierre Rousseau Claude P. Desaulniers Steven R. Kim Russell M. Raikes Juliette D'Hollander Georges Smith