The Canam Manac Group Completes Back-to-back Financings

Saint-Georges, Quebec-headquartered, The Canam Manac Group Inc., completed on April 23, 2003, back-to-back financings totalling $127 million. Canam Manac secured a $100 million credit facility with a bank syndicate comprising, National Bank of Canada, Royal Bank of Canada and La Caisse Centrale Desjardins du Québec, as well as a $27 million public offering of 9.25 per cent convertible unsecured subordinate debentures due in 2008, pursuant to an underwriting agreement with BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominion Securities Inc. and Desjardins Securities Inc.

For both transactions, Canam Manac was represented by a team led by Louis Guertin, vice-president, legal, and secretrary, assisted by in-house counsel Norman Girard. Fasken Martineau DuMoulin LLP in Montreal was external counsel to Canam Manac; for the public offering of debentures the Fasken Martineau DuMoulin team included Yvon Martineau, Gilles Leclerc, Jean-Pierre Chamberland, Jocelyn Lafond and François-Bernard Poulin; and for the bank financing the team was led by Marc Novello, assisted by Martin Racicot.

The underwriters were represented by Stikeman Elliott LLP, with a team that included André Roy, Pierre-Yves Leduc and Frédéric Brassard. The banking syndicate was represented by Desjardins Ducharme Stein Monast with a team led by François Renaud, and assisted by Martin Rolland and Pascale Dionne.