On March 28, 2002, Advanced Fiber Technologies (AFT) Income Fund of Quebec completed an initial public offering of 130,833,330 trust units for proceeds of $130,833,330 and, through Advanced Fiber Technologies (AFT) Trust, the closing of a bank financing providing for a $39 million term credit facility and a $10 million revolving credit facility. The proceeds from the offering and the term credit facility were used by the fund, through the trust, to purchase the fibre screening business of CAE. The offering was led by CIBC World Markets Inc., and included RBC Dominion Securities Inc., Scotia Capital Inc., Dundee Securities Corporation and National Bank Financial Inc. The bank financing was provided by a syndicate of Canadian banks composed of the CIBC (also acting as administrative agent, lead arranger and book runner), Royal Bank of Canada and The Bank of Nova Scotia.
Stikeman Elliott acted for the fund, the trust and CAE, with a team that included Stuart (Kip) Cobbett, Franziska Ruf, Peter Castiel, Nicolas Beugnot, Philippe De Montigny, Thomas Lellouche and Claire Zikovsky (securities and mergers & acquisitions), Frédéric Harvey and Marie-Andrée Beaudry (tax) and Etienne Massicotte, Natalie Gosselin and Donna Benedek (banking).
McCarthy Tétrault LLP acted for the syndicate of underwriters with a team comprised of Benjamin Silver, Patrick Boucher and Joe Scarfo (securities), Scot Diamond (real estate), James Morand and Elaine Marchand (tax), Élisabeth Patterson (intellectual property), Anne-Marie Sheahan and Marie-Claude Caron (environmental), Nathalie Gagnon (labour and employment) and Jean-François Boisvenu (banking).