OSBFC Completes Offering of Pooled Debentures Ownership Interests in November 2004

On November 26, 2004, Ontario School Boards Financing Corp. (OSBFC) completed the offering of $493,173,000 2004-A1 pooled debentures ownership interests for an aggregate purchase price of $493,173,000. The ownership interests represent undivided co-ownership interests in $493,173,000 aggregate principal amount of 5.483 per cent fully amortizing debentures due November 26, 2029 purchased by OSBFC from 14 school boards in the Province of Ontario. The ownership interests have been assigned long-term credit ratings of AA (negative trend) by Dominion Bond Rating Service Ltd., Aa3 (stable) by Moody’s Investors Services Inc. and AA- (stable) by Standard & Poor’s Ratings Service.

OSBFC was represented by Carol Pennycook, Lori Sullivan and Jim Nikopoulos (securities) and John Zinn (tax) of Davies Ward Phillips & Vineberg LLP. The underwriting syndicate was led by CIBC World Markets Inc. and included RBC Dominion Securities Inc., National Bank Financial Inc., Scotia Capital Inc., Laurentian Bank Securities Inc. and BMO Nesbitt Burns Inc. The underwriters were represented by Heather Douglas and Adam Segal (securities) and Craig Webster (tax) of Borden Ladner Gervais LLP.


Craig J. Webster Carol D. Pennycook John Zinn Jim Nikopoulos Adam Segal Heather R. Douglas Lori K. Sullivan


Davies Ward Phillips & Vineberg LLP Borden Ladner Gervais LLP (BLG)