Energy Savings Income Fund Completes $121M IPO

Energy Savings Income Fund (ESIF), an open-ended, limited-purpose trust, completed a $121 million initial public offering of trust units, including the exercise in full by the underwriters of an $11 million over-allotment option on April 30, 2001. ESIF holds securities of Ontario Energy Savings Corp., which involves the sale of natural gas to residential, small to mid-sized commercial and small industrial customers under long-term, irrevocable, fixed-price contracts. The trust units of ESIF trade on the TSE. ESIF and Ontario Energy Savings Corp. were represented by Fraser McDonald and Linda Misetich (securities) and Bernard Morris (tax) of Goodman and Carr LLP, while the underwriting syndicate, led by CIBC World Markets, was represented by Bill Maslechko and Steve Chetner (securities) and John Brussa (tax) of Burnet, Duckworth & Palmer LLP.