Multi Select Income Trust Completes $144M IPO

On September 16, 2004, Multi Select Income Trust (the Trust), an investment trust, completed an initial public offering of 7,201,172 capital units of the Trust (the capital units) at $10 per capital unit and 7,201,172 preferred securities of the Trust (the preferred securities) at $10 per preferred security for gross proceeds of $144,023,440. The Trust’s investment objectives are: (i) with respect to the preferred securities, to pay fixed quarterly interest payments equal to 6.5 per cent per annum on the principal amount of the preferred securities, and (ii) with respect to the capital units, to pay monthly distributions on the capital units based on the distributions that the Trust receives on its portfolio. The portfolio of the Trust consists primarily of units of commercial and industrial income trusts, real estate investment trusts and oil and gas trusts.

National Bank Financial Inc. and CIBC World Markets Inc. co-led the offering, with a syndicate that included BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Capital Corp., HSBC Securities (Canada) Inc., First Associates Investments Inc., Raymond James Ltd., Desjardins Securities Inc., Wellington West Capital Inc., Dundee Securities Corp. and Berkshire Securities Inc.

Sentry Select Capital Corp., the manager of the Trust, and the Trust were represented by Borden Ladner Gervais LLP with a team that included Edmund Merringer, Michael DeCosimo and Sarah Gardiner (securities/corporate) and Craig Webster (tax).

The agents were represented by Blake, Cassels & Graydon LLP with a team that included Jeff Glass, Anoop Dogra and Robyn Keinick (securities/corporate) and Ron Richler (tax).