On August 30, 2002, Concordia University in Montreal sold $200 million of 40-year debentures by private placement across Canada, matching the largest Canadian university debt issue to date. The debentures bear a 6.55 per cent coupon and were priced at 99.985 to yield 6.551 per cent or 40 basis points above comparable Quebec bonds and 94.5 basis points above comparable Canada bonds.
The agents were RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., CIBC World Markets Inc., Laurentian Bank Securities Inc. and Scotia Capital Inc.
The Concordia legal team was led in-house by Bram Freedman, assistant secretary-general and general counsel, and included Benjamin Silver, Sonia Struthers, Patrick Boucher and Denis Lavoie of McCarthy Tétrault LLP. Sylvain Cossette and Neil Kravitz of Davies Ward Phillips & Vineberg LLP acted for the agents.