Golf Town Completes IPO and Debt Financing

On November 12, 2004, Golf Town Income Fund completed its initial public offering of 10,228,052 units at $10 per unit for gross proceeds of $102 million. On November 29, 2004, the underwriters exercised an over-allotment option and Golf Town issued another 1,022,805 units at $10 per unit for gross proceeds of $10 million. The proceeds of the offering were used by the Fund to acquire all of the issued and outstanding shares of Golf Town Canada Inc.
The offering was underwritten by a syndicate that included BMO Nesbitt Burns Inc., as sole bookrunner, CIBC World Markets Inc., as co¬lead manager, Canaccord Capital Corp. and Scotia Capital Inc.
Concurrent with the closing of the offering, on November 12, 2004, Golf Town refinanced a credit facility of $40 million with General Electric Capital Canada Inc. and obtained a term facility of $10 million from Roynat Inc.
Golf Town and the Fund was represented by Cassels Brock & Blackwell LLP with a team that included Alison Manzer, John Vettese, Lori Prokopich, Alexandra Iliopoulos and Tilly Gray (business and securities), Max Gotlieb (tax) and David Budd and Jason Arbuck (financial services).
The underwriters were represented by Goodmans LLP with a team that included Allan Goodman, Mark Ableman and Jill Nelson (corporate and securities), Alan Bowman and Sam Tyler (tax) and Monica Mraz and Daniel Shapira (real estate).
General Electric Capital Canada was represented by Ogilvy Renault LLP with a team that included Kevin Morley, Arnold Cohen, Martha McKinnon, Alana Hunt and Jane Son.
Roynat was represented by Harvey Tanzer and Marlin Horst of Chaitons LLP.