Rogers Sugar Acquires Lantic Sugar

Rogers Sugar Income Fund completed the acquisition of Lantic Sugar Limited from affiliates of Onex Corporation and Belkin Enterprises Ltd. in exchange for 35.5 million trust units of the fund. The transaction, completed on March 8, 2002, was valued at approximately $175 million.

Concurrent with the acquisition, on January 31, 2002 the fund completed a public offering of $85 million of subscription receipts through a syndicate of underwriters led by CIBC World Markets Inc. Each receipt entitled the holder to receive $1,000 principal amount of 9.5 per cent convertible subordinated debentures of the fund following the Lantic acquisition closing.

Bill Maslechko, John Brussa and Jeff Oke of Burnet, Duckworth & Palmer LLP represented the independent committee of trustees of the fund. William Ainley, Patrick Barry and Lori Sullivan (corporate), Ian Crosbie and John Zinn (tax) and John Bodrug and David Fruitman (competition) of Davies Ward Phillips & Vineberg LLP acted for Onex in connection with the acquisition, and for the fund in connection with the offering. Neil de Gelder, Q.C., and Ian Webb of Borden Ladner Gervais LLP represented Belkin on the acquisition. Graham Gow, Susan Goscoe, Ian Michael, George Maziotis and Anne-Marie Sheahan of McCarthy T├ętrault LLP acted for the underwriters on the offering.

Lawyer(s)

R. Ian Crosbie John D. Bodrug Neil de Gelder George Maziotis Graham P.C. Gow Patrick G. Barry Ian A. Webb William M. Ainley John A. Brussa Lori K. Sullivan Jeffrey T. Oke Ian C. Michael William S. Maslechko John Zinn Anne-Marie Sheahan