APF Completes Debenture Offering

On July 3, 2003 APF Energy Trust completed the offering of 50,000 convertible unsecured subordinated debentures with an annual interest rate of 9.4 per cent and a maturity date of July 31, 2008 for gross proceeds of $50 million. Scotia Capital Inc. led the dealer syndicate that included CIBC World Markets Inc., National Bank Financial Inc., BMO Nesbitt Burns Inc., Canaccord Capital Corporation, Dundee Securities Corporation, Research Capital Corporation and Griffiths McBurney & Partners.

The trust was represented by Nancy Penner, James Thomson and Michael Mercier of Parlee McLaws LLP, and the dealer syndicate was represented by Bill Maslechko and Fred Davidson of Burnet, Duckworth & Palmer LLP.