Teranet Raises $525M

On April 4, 2011, Teranet Holdings LP, a subsidiary of Ontario Municipal Employees Retirement System, raised $525 million by way of a private placement of senior secured debt in two tranches, being the issuance of an additional $250 million principal amount of an existing series of 4.807 per cent senior secured bonds due 2020 and a new series of $275 million principal amount of 6.10 per cent senior secured bonds due 2041. The offering was underwritten on a bought deal basis by a syndicate co-led by Scotia Capital Inc., BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc. and which also included TD Securities Inc.

Teranet was represented by John Knowlton, Executive Vice President and General Counsel of Borealis Infrastructure Management Inc., the infrastructure investment arm of OMERS, and Zahir Manek, General Counsel of Teranet Inc., with assistance from McCarthy T├ętrault LLP. McCarthy T├ętrault's team included David Lever, Gordon Sato, Andrew Parker, Matthew Cumming, Leslie Milroy and Ryan Hornby (business law) as well as Christian Meighen and Jerald Wortsman (tax).

Torys LLP represented the underwriters with a team that included Philip Mohtadi, Erin Smart, Catrina Card and Rebecca Wise.

Lawyer(s)

Ryan Hornby Matthew Cumming Leslie Milroy David A.N. Lever Philip Mohtadi Jerald M. Wortsman Andrew C. Parker Gordon S. Sato Catrina M. Card Christian Meighen Erin E. Smart