On January 29, 2016, The Royal Institution for the Advancement of Learning closed an offering of senior unsecured debentures.
The Royal Institution for the Advancement of Learning, which is vested under its constating legislation with all of the property of McGill University (McGill) and assumes all debt incurred by McGill, completed the offering by way of private placement of $160,000,000 aggregate principal amount of 3.975 per cent senior unsecured debentures due January 29, 2056.
The net proceeds of the offering are intended to be used principally to finance deferred maintenance and communication and information technology projects. The offering was carried out by a syndicate of agents consisting of RBC Dominion Securities Inc. (as sole book-runner and co-lead agent), BMO Nesbitt Burns Inc. (as co-lead agent), Casgrain & Company Limited, Desjardins Securities Inc., CIBC World Markets Inc. and TD Securities Inc.
McGill was represented by an in-house team led by Line Thibault, General Counsel, and Heather Andersen, Legal Counsel and assisted by a team from McCarthy Tétrault LLP. The McCarthy Tétrault team was composed of Sonia Struthers, Fraser Bourne and Isabelle Nazon.