On March 10, 2003, RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc. and TD Securities Inc. obtained a receipt for a final amended and restated base shelf prospectus for the Coupons And ResidualS (CARS) and Par Adjusted Rate Securities (PARS) Programme qualifying an offering of strip securities to be derived from up to $5 billion of investment grade debt obligations of various Canadian corporations and trusts. An MRRS Decision Document was also obtained from the Canadian securities regulatory authorities to permit, among other things, the amended and restated base shelf prospectus system to be used for the amended CARS and PARS programme.
A total of 11 offerings in respect of a variety of underlying issuers, including Bell Canada, TransCanada PipeLines Limited, Enbridge Gas Distribution Inc., Canadian Tire Corporation Limited, Canadian Utilities Limited and Hydro One Inc., have been completed under the predecessor to the amended programme.
The first offering under the amended programme closed on March 14, 2003, in respect of certain strip securities derived from $30 million in the aggregate of 11.8 per cent debentures, series U of TransCanada PipeLines Limited, due November 20, 2020. The second offering under the amended programme closed on March 26, 2003, in respect of certain strip securities derived from $16.5 million in the aggregate of 10.05 per cent capital debentures of The Toronto-Dominion Bank, due August 4, 2014.
The CARS and PARS programme provides a mechanism for retail investors to participate in the secondary market for corporate debt. The PARS component is designed to make available a strip package that is priced at or about par by way of including an interest component reflective of a current market rate plus return of principal at maturity.
Mihkel Voore, Donald Belovich, Kevin Kelly, Tim Hughes and Stuart McCormack of Stikeman Elliott LLP acted for RBC Dominion Securities, BMO Nesbitt Burns, CIBC World Markets, National Bank Financial, Scotia Capital and TD Securities in connection with the obtaining of regulatory relief, filing of the amended and restated base shelf prospectus and establishing the amended CARS and PARS programme. Mihkel Voore, Donald Belovich and Kevin Kelly had previously acted in connection with establishing the predecessor strip bond programme of RBC Dominion Securities.
A total of 11 offerings in respect of a variety of underlying issuers, including Bell Canada, TransCanada PipeLines Limited, Enbridge Gas Distribution Inc., Canadian Tire Corporation Limited, Canadian Utilities Limited and Hydro One Inc., have been completed under the predecessor to the amended programme.
The first offering under the amended programme closed on March 14, 2003, in respect of certain strip securities derived from $30 million in the aggregate of 11.8 per cent debentures, series U of TransCanada PipeLines Limited, due November 20, 2020. The second offering under the amended programme closed on March 26, 2003, in respect of certain strip securities derived from $16.5 million in the aggregate of 10.05 per cent capital debentures of The Toronto-Dominion Bank, due August 4, 2014.
The CARS and PARS programme provides a mechanism for retail investors to participate in the secondary market for corporate debt. The PARS component is designed to make available a strip package that is priced at or about par by way of including an interest component reflective of a current market rate plus return of principal at maturity.
Mihkel Voore, Donald Belovich, Kevin Kelly, Tim Hughes and Stuart McCormack of Stikeman Elliott LLP acted for RBC Dominion Securities, BMO Nesbitt Burns, CIBC World Markets, National Bank Financial, Scotia Capital and TD Securities in connection with the obtaining of regulatory relief, filing of the amended and restated base shelf prospectus and establishing the amended CARS and PARS programme. Mihkel Voore, Donald Belovich and Kevin Kelly had previously acted in connection with establishing the predecessor strip bond programme of RBC Dominion Securities.
