Carol D. Pennycook
Carol D. Pennycook
(416) 863-5546
(416) 863-0871
155 Wellington St W, Toronto, ON
Year called to bar: 1981 (AB); 1985 (ON)
Recognized as one of Canada’s top finance lawyers, Carol advises on a wide range of transactions—syndicated loan transactions, corporate finance, structured finance, project finance, debt capital market offerings, private equity, private M&A, corporate reorganizations, and derivative products. A significant portion of her practice is devoted to financing transactions, acting for both borrowers and lenders. She also acts on renewable energy transactions, joint ventures, corporate and acquisition credit facilities, and capital markets bond, debenture, and note offerings, both Canadian and cross-border. Carol acts in many of the highest profile public–private partnership projects in Canada and the United States, and has achieved great success for borrower and lender clients in complex infrastructure financings. She is a former director of PPP Canada. Select Recognition: Named one of Canada’s 100 Most Powerful Women by WXN; Chambers Global; Chambers Canada; IFLR1000The Lexpert®/American Lawyer Guide to the Leading 500 Lawyers in CanadaThe Legal 500 CanadaThe Best Lawyers in Canada’s Toronto Banking and Finance Law Lawyer of the Year 2020; Expert Guides’ Women in Business Law and Best of the Best.
Carol D. Pennycook is a featured Leading Lawyer in:
Canadian Legal Lexpert Directory
Consistently Recommended
Canadian Legal Lexpert Directory
Most Frequently Recommended
Canadian Legal Lexpert Directory
Consistently Recommended
Canadian Legal Lexpert Directory
Repeatedly Recommended
Canadian Legal Lexpert Directory
Consistently Recommended
Canadian Legal Lexpert Directory
Repeatedly Recommended
Canadian Legal Lexpert Directory
Repeatedly Recommended
Canadian Legal Lexpert Directory
Most Frequently Recommended
Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada
Most Frequently Recommended
Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada
Most Frequently Recommended
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Toronto's top project finance lawyers in Toronto
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On June 30, North Inc., a pioneer in human computer interfaces and smart glasses, announced that it had been acquired by Google
On August 5, 2017, Lantic Inc., a wholly owned subsidiary of Rogers Sugar Inc., completed the acquisition of all the outstanding shares of L.B. Maple Treat Corp. (LBMT) for a purchase price of $160.3 million, subject to post-closing adjustments.
On March 31, 2017, H2O Power Limited Partnership — a joint venture between the Public Sector Pension Investment Board (PSP) and BluEarth Renewables Inc. — completed a $400-million private placement of fixed-rate senior secured notes due November 30, 2029, to finance the long-term operation of eight hydroelectric generating facilities in Ontario.
On June 21, 2016, Canada Housing Trust No. 1, a special-purpose securitization trust, completed a debt financing consisting of the issuance of 1.25 per cent Canada Mortgage Bonds, Series 71 (Re-Opening), in an aggregate principal amount of $5.25 billion, which was provided with Canada’s sovereign guarantee through Canada Mortgage and Housing Corp. (CMHC).
On December 18, 2015, Canada Housing Trust No. 1, a special purpose securitization trust, completed a debt financing consisting of the issuance of 1.250 per cent Canada Mortgage Bonds, Series 68 (Re-Opening), in an aggregate principal amount of $5,000,000,000 of Canada Mortgage Bonds, which was provided with Canada’s sovereign guarantee through Canada Mortgage and Housing Corporation (CMHC).
On February 1, 2016, GFL Environmental Inc. (GFL) completed the acquisition of the Matrec solid waste division from TransForce Inc. (TSX: TFI, OTCQX: TFIFF) for $800 million. The acquisition was funded in part by the private offering of US$300 million in aggregate principal amount of senior unsecured notes due 2021 (the Note Offering) through a syndicate of broker dealers led by Credit Suisse, BMO Capital Markets and Barclays and including Scotiabank, CIBC Capital Markets, Comerica Securities, National Bank of Canada Financial Markets and Raymond James (the Dealers).
On October 8, 2015, TorQuest Partners, through a wholly owned acquisition vehicle, successfully acquired from Sentinel Capital Partners, together with the other shareholders of Spinrite Acquisition Corp. (Spinrite), all of the outstanding shares of Spinrite, following the completion of a reorganization of Spinrite.
On June 19, 2015, Canada Housing Trust No. 1, a special purpose securitization trust, completed a debt financing consisting of the issuance of 1.450 per cent Canada Mortgage Bonds, Series 66 in an aggregate principal amount of $5,000,000,000 of Canada Mortgage Bonds, which was provided with Canada’s sovereign guarantee through Canada Mortgage and Housing Corporation (CMHC).
Parkland Fuel Corporation, one of North America’s fastest growing distributors and marketers of fuel and lubricants, completed its acquisition of the assets of fellow retail fuel marketer, Pioneer Energy LP on June 25, 2015.
On March 20, 2015, Canada Housing Trust No. 1, a special purpose securitization trust, completed a debt financing consisting of the issuance of 1.200 per cent Canada Mortgage Bonds, Series 64 in an aggregate principal amount of $5,000,000,000 of Canada Mortgage Bonds, which was provided with Canada’s sovereign guarantee through Canada Mortgage and Housing Corporation.
On February 26, 2015, Canada Housing Trust No. 1, a special purpose securitization trust, completed a debt financing.
Canada Housing Trust No. 1, a special purpose securitization trust, completed a debt financing consisting of the issuance of 2.000 per cent Canada Mortgage Bonds, Series 61 (Re-Opening), in an aggregate principal amount of $5,000,000,000 which was provided with Canada’s sovereign guarantee through Canada Mortgage and Housing Corporation (CMHC).
In Canada’s largest M&A transaction of 2014, US-based Burger King Worldwide Inc. acquired Tim Hortons Inc. in a $12.5-billion deal that created a global powerhouse quick service restaurant company based in Canada. Combined, the company now has more than 18,000 restaurants in 100 countries.
Fortis Inc. acquired all of the outstanding shares of UNS Energy Corporation for an aggregate purchase price of approximately US$4.5 billion, including the assumption of approximately US$2 billion of debt. The acquisition was financed by a US$2-billion non-revolving acquisition term credit facilities and a US$1.8 billion offering of convertible subordinated debentures represented by instalment receipts. The offering consisted of a bought deal public offering of approximately US$1.6 billion and a concurrent private placement of approximately US$200 million.
Canada Housing Trust No. 1, a special purpose securitization trust, completed a two-tranche debt financing consisting of the issuance of 2.650 per cent Canada Mortgage Bonds, Series 45 (Second Re-opening), in an aggregate principal amount of $2,000,000,000 and Floating Rate Canada Mortgage Bonds, Series 47, in an aggregate principal amount of $2,500,000,000 for a combined total of $4,500,000,000 of Canada Mortgage Bonds
Canada Housing Trust No. 1, a special purpose securitization trust, completed a two-tranche debt financing consisting of the issuance of 2.650 per cent Canada Mortgage Bonds, Series 45 (Re-opening), in an aggregate principal amount of $2,500,000,000 and Floating Rate Canada Mortgage Bonds, Series 44 (Re-opening), in an aggregate principal amount of $3,000,000,000 for a combined total of $5,500,000,000 of Canada Mortgage Bonds, which were provided with Canada's sovereign guarantee through Canada Mortgage and Housing Corporation (CMHC).
Canada Housing Trust No. 1, a special purpose securitization trust, completed a debt financing consisting of the issuance of 1.850 per cent Canada Mortgage Bonds, Series 43 (Re-opening), in an aggregate principal amount of $5,500,000,000, which was provided with Canada's sovereign guarantee through Canada Mortgage and Housing Corporation (CMHC).
Canada Housing Trust No. 1, a special purpose securitization trust, completed two debt financings. The first was completed on August 24, 2011 and the second was completed on September 23, 2011.
On June 22, 2010, Canada Housing Trust No. 1, a special purpose securitization trust, completed a debt financing consisting of the issuance of 3.150 per cent Canada Mortgage Bonds, Series 35, in an aggregate principal amount of $5,500,000,000, which was provided with Canada's sovereign guarantee through Canada Mortgage and Housing Corp.
Canada Housing Trust No. 1, a special purpose securitization trust, completed two debt financings. The first was completed on May 26, 2011 and the second was completed June 22, 2011.
On November 26, 2004, Ontario School Boards Financing Corp. (OSBFC) completed the offering of $493,173,000 2004-A1 pooled debentures ownership interests for an aggregate purchase price of $493,173,000.