407 International Completes Public Offering

407 International Inc. completed a public offering on December 4, 2001, by way of a short-form prospectus of $205 million 4.5 per cent subordinated bonds, series 01-C2 due December 4, 2004. The bonds were offered for sale to the public following their repurchase by 407 International from a syndicate of Canadian and foreign banks which held the bonds as a result of a restructuring of 407 International’s subordinated term credit facility that was completed as part of the offering.

407 International is the sole shareholder, operator and manager of 407 ETR Concession Company Limited, which oversees a toll highway that runs north of Toronto. 407 International is owned by a consortium comprised of Spanish company CINTRA Concesiones de Infraestructuras de Transporte, S.A.; SNC-Lavalin Inc., a Canadian engineering and construction company; and Capital d’Amérique CDPQ Inc., a subsidiary of the Caisse de dépôt et placement du Québec.

Fraser Milner Casgrain LLP acted for 407 International. The FMC team included Jeff Barnes, Doug Scott, James Janetos, Will Fung, Christopher Steeves, Charles Newman and Jesmond Parke. BMO Nesbitt Burns Inc. led the underwriting team that included RBC Dominion Securities Inc., Merrill Lynch Canada Inc., Scotia Capital Inc. and National Bank Financial. The underwriters were represented by Davies Ward Phillips & Vineberg LLP with a team that included Carol Pennycook and Philippe Rousseau. The bank syndicate, led by Bank of Montreal, was represented by Doug Buchanan and Richard Neville of Davis & Company.