On August 27, 2003, Serco DES Inc., a wholly owned subsidiary of U.K.-based Serco Group plc, completed the private placement of $119.5 million of amortizing senior bonds. BMO Nesbitt Burns Inc. acted as agent for the offering. Contemporaneously with the issuance of the senior bonds, Bank of Montreal made a $7.98 million non-revolving bridge credit facility available to Serco. Serco has acquired such debt in order to finance, and such debt is secured against, the delegation granted by the Minister of Transportation to Serco, which allows Serco to operate driver examination services in the province of Ontario. Serco will pay $114 million for a 10-year grant of authority and licence to deliver driver examination services which is renewable for another 10 years at the end of the initial grant period.
Serco was represented by Osler, Hoskin & Harcourt LLP, with a team that included Rocco Sebastiano (public-private partnerships), Michael Davies and Elizabeth Shriver (financial services), Jean Fraser, Trevor Ingram, John Macfarlane, Steven Smith and Katy Waugh (corporate and finance), Robert Antenore and Adrian Hartog (real property), Sean Aylward, Manjit Singh, D’Arcy Schieman and David Tetreault (tax), Jason Hanson, Damian Rigolo and Bruce Godden (labour), Dan Logan and Dan Shap (information technology), Maurice Coombs (research), Rupert Chartrand (insolvency) and Lee Webster (intellectual property).
Bank of Montreal and BMO Nesbitt Burns were represented by Davies Ward Phillips & Vineberg LLP, with a team that included Carol Pennycook, Paul Beauregard and Jeffrey Lem (real estate) and Heather Platt (information technology).
Serco was represented by Osler, Hoskin & Harcourt LLP, with a team that included Rocco Sebastiano (public-private partnerships), Michael Davies and Elizabeth Shriver (financial services), Jean Fraser, Trevor Ingram, John Macfarlane, Steven Smith and Katy Waugh (corporate and finance), Robert Antenore and Adrian Hartog (real property), Sean Aylward, Manjit Singh, D’Arcy Schieman and David Tetreault (tax), Jason Hanson, Damian Rigolo and Bruce Godden (labour), Dan Logan and Dan Shap (information technology), Maurice Coombs (research), Rupert Chartrand (insolvency) and Lee Webster (intellectual property).
Bank of Montreal and BMO Nesbitt Burns were represented by Davies Ward Phillips & Vineberg LLP, with a team that included Carol Pennycook, Paul Beauregard and Jeffrey Lem (real estate) and Heather Platt (information technology).
