Pizza Pizza Royalty Income Fund Completes IPO

On July 6, 2005, Pizza Pizza Royalty Income Fund completed its $168,300,000 initial public offering of 16.83 million trust units. The proceeds of the offering were used by the fund to indirectly acquire the trademarks, trade names and other intellectual property and associated rights used in the business of Pizza Pizza Ltd., a privately owned corporation headquartered in Toronto, operating 500 restaurants, the majority of which are owned and operated by franchisees under the brand name Pizza Pizza®.

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The underwriting syndicate was led by TD Securities Inc. and CIBC World Markets Inc., and included BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and National Bank Financial Inc.
Torys LLP represented Pizza Pizza Royalty Income Fund and Pizza Pizza Ltd. with a team that included Jamie Scarlett, Glen Johnson, Mike Pickersgill, Aaron Emes, Wendy Kennish, Joanna Jazairi and Phillip Armstrong (corporate); Corrado Cardarelli and Catrina Card (tax); Peter Birkness, Nadine Rockman and Victoria Blond (financing); Christina Medland (employment); and Ingrid VanderElst (IP).

Osler, Hoskin & Harcourt LLP represented the underwriting syndicate with a team that included Christopher Murray, Desmond Lee and Jaime Larry (corporate); Frank Zaid and Andraya Frith (franchise and distribution); and Jack Silverson and Judith Harris (tax). In connection with the offering, Pizza Pizza Royalty Limited Partnership obtained $21 million in senior secured credit facilities from Bank of Montreal. The bank was represented by Osler with a team that included Richard Pratt, Lisa Shostack and Joyce Bernasek. Fraser Milner Casgrain LLP also provided advice to the bank on certain matters with a team that included Tom Hunter and Jules Lewy.

Gowling Lafleur Henderson LLP represented the Pizza Pizza entities as Quebec counsel on the credit facilities with a team that included David Kierans.