Michael D. Innes

Michael D. Innes

(416) 862-4284
(416) 862-6666
100 King St W, Suite 6200, 1 First Cdn Pl, PO Box 50, Toronto, ON
Year called to bar: 2001 (ON); 1998 (Massachusetts)
Michael is the national chair of Osler, Hoskin & Harcourt LLP’s Corporate Group which encompasses Capital Markets, Emerging and High Growth Companies, M&A and Private Equity. He is a member of the firm’s Diversity Committee Executive Council and Operations Committee, and is the former chair of the firm’s Audit Committee and a former member of the firm’s Partnership Board. He has been nationally and internationally recognized as a leading capital markets and cross-border corporate lawyer in Canada. Michael’s practice focuses on capital markets, mergers & acquisitions, private equity and general corporate matters. He has advised clients in transactions involving the private placement and public offering of debt and equity securities, takeover bids, plans of arrangement, private equity fund formations and leveraged buyouts. He has also advised various pension funds in their investment activities and various private equity funds in connection with their formation and investment activities. Michael has provided corporate, M&A and securities law advice to issuers and market participants in the electricity, telecommunications, media, automotive, robotics, life sciences, financial, pension, benefits, real estate, semiconductor, mining, printing, food and general technology sectors.
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On June 12, 2018, TELUS Corp. completed an offering of US$750 million of senior unsecured 4.600% 30-year notes, maturing on November 16, 2048 (the Notes). The Notes were offered through a syndicate of underwriters led by Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBC Capital Markets, LLC, TD Securities (USA) LLC, and Wells Fargo Securities, LLC.
On March 20, 2018, Vancouver Airport Fuel Facilities Corp. (VAFFC) completed a $115-million offering of 3.653 per cent amortizing Series G bonds due March 20, 2051.
On March 1, 2018, TELUS Corp. completed a public offering of $750 million in aggregate principal amount of new senior unsecured notes. The notes comprised $150 million aggregate principal 4.70 per cent series CW notes, due on March 6, 2048, as well as $600 million aggregate principal 3.625 per cent senior unsecured series CX notes, due on March 1, 2028. The notes were offered through a syndicate of agents co-led by Scotia Capital Inc., TD Securities Inc. and BMO Nesbitt Burns Inc.
On July 19, 2017, Hydro One Limited (Hydro One) announced that it had entered into an agreement and plan of merger pursuant to which it has agreed to indirectly acquire Avista Corporation (Avista), a pure-play regulated electric and gas utilities holding company, for an aggregate purchase price of approximately US$5.3 billion including the assumption of approximately US$1.9 billion of debt. On July 19, 2017, Hydro One subsequently announced that its direct wholly owned subsidiary, 2587264 Ontario Inc., had agreed to sell to a syndicate of underwriters $1.4-billion aggregate principal amount of 4.00-per-cent convertible unsecured subordinated debentures of Hydro One (the Debentures) represented by instalment receipts on a “bought deal” basis.
On March 6, 2017, TELUS Corp. completed an offering of US$500 million of senior unsecured 3.70-per-cent 10-year notes, maturing on September 15, 2027 (the US Notes), as well as an offering of C$325 million of senior unsecured 4.70-per-cent 31-year notes, maturing March 6, 2048 (the Canadian Notes).
On October 12, 2016, Calgary Fuel Facilities Corporation Ltd. (CFFC) completed a $90-million offering of 3.549 per cent amortizing Series A bonds due October 12, 2046.
On November 5, 2015, Hydro One Limited, the largest electricity transmission and distribution company in Ontario, announced the closing of its initial public offering by way of secondary sale pursuant to which the Province of Ontario offered 81,100,000 common shares at $20.50 per share for total gross proceeds to the Province of approximately $1.66 billion. This was the biggest Canadian IPO in the last 15 years.
Ventas Canada Finance Limited, a wholly owned subsidiary of Ventas, Inc., completed a private placement of $400 million of 3.00 per cent senior notes due 2019 and $250 million of 4.125 per cent senior notes due 2024.