New Flyer Completes $102.4M Bought Deal Offering

On September 3, 2008, New Flyer Industries Inc. (NFI) and New Flyer Industries Canada ULC (NFI ULC) completed an offering of 9,143,100 income deposit securities (IDSs) at $11.20 each to raise gross proceeds of approximately $102.4 million on a bought deal basis. The underwriting syndicate was co-led by CIBC World Markets Inc. and BMO Capital Markets Inc. and included Scotia Capital Inc., TD Securities Inc. and Cormark Securities Inc. New Flyer is the leading manufacturer of heavy-duty transit buses in the United States and Canada and a leading provider of aftermarket services.

Concurrently with the offering of IDSs, NFI ULC also sold, by way of a private placement to exempt purchasers, approximately $5.1 million aggregate principal amount of 14 per cent subordinated notes of NFI ULC separately from the IDSs.

Torys LLP represented New Flyer in Canada and the United States with a team that included Mike Amm, Rima Ramchandani and Sachin Aggarwal (Canadian corporate/securities), Darren Baccus and Lisa Keels (US securities), Darien Leung and Scott Kraag (credit/debt matters) and John Unger and Grace Pereira (Canadian tax)

White & Case LLP represented New Flyer as special US tax counsel with a team led by Sang Ji.

Goodmans LLP represented the underwriters in Canada with a team that included Stephen Pincus, Sheldon Freeman, Victor Liu and James Rickert (corporate/securities) and Carrie Smit and Jarrett Freeman (tax).

Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as US counsel to the underwriters with a team that included Andrew Foley and Stanislav Grigoryev (securities) and David Mayo and Mei Lai (tax).


Torys LLP White & Case LLP Goodmans LLP Paul, Weiss, Rifkind, Wharton & Garrison LLP