SSIF Raises Private Placement

The Bank of Nova Scotia’s wholly owned subsidiary, SSIF Nevada, Limited Partnership (SSIF), raised on a U.S. private placement basis, US$550 million through the issue on February 11, 2003, of floating rate notes due February 12, 2008, guaranteed by the bank. The notes were offered under an offering circular dated January 31, 2003, and were sold to institutional investors in Europe and elsewhere. The managers for the offering were BNP Paribas Securities Corp., Barclays Bank PLC and Scotia Capital Inc.

The bank and SSIF were represented in Canada by McCarthy Tétrault LLP with a team that included Barry Ryan, Jonathan Grant and Steven Kim (corporate) and Gabrielle Richards and Michael Quigley (tax); in the U.S., by Jonathan Weld, Annalisa Dentoni-Litta and Roberta Cherman (corporate) and Michael Sunwoo (tax) of Shearman & Sterling in New York; and Zoe Hammond of Allen & Overy acted as tax advisor in England.

The managers were represented in Canada, by Andrew Fleming, Peter Noble, Susan Mann and Wendy Warhaft of Ogilvy Renault. Lee Meyerson, Jessica Gross and Carlo Piscicelli (corporate) and Paige Melendres (tax) of Simpson Thacher & Bartlett in New York acted as U.S. counsel for the managers in connection with the offering.