MAXIN Income Fund, a closed-end investment trust whose objectives are to provide unitholders with a stable monthly income stream of 10 per cent per annum, as well as that of capital repayment, completed its initial public offering on April 15, 2003, generating gross proceeds of $80 million. Pursuant to the exercise of an over-allotment option, MAXIN raised additional gross proceeds of $3.8 million on May 13. The net proceeds of the offering will be invested in a broadly diversified managed portfolio of securities consisting primarily of units of business trusts, oil and gas royalty trusts and real estate investment trusts, supplemented by a small component of pipeline and power generation trusts and other high-yielding equity-based securities such as convertible securities and new income trust sectors. The co-advisors to MAXIN are Middlefield Securities Limited and Guardian Capital Inc., who will be responsible for providing investment advice to the trust’s portfolio. Subsequent to the closing of the initial public offering, MAXIN entered into a $25 million credit facility agreement with The Bank of Nova Scotia.
CIBC World Markets Inc. and RBC Capital Markets Inc. acted as co-lead agents of the offering. The other syndicate members were TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., Canaccord Capital Corporation, Desjardins Securities Inc., HSBC Securities (Canada) Inc., Dundee Securities Corporation, First Associates Investments Inc., Middlefield Securities Limited, Raymond James Ltd. and Wellington West Capital Inc.
MAXIN and Middlefield were represented by Fasken Martineau DuMoulin LLP in Toronto, with a team that included Stephen Erlichman, Tracy Hooey and John Sabetti (securities), Mitchell Thaw (tax) and Jon Holmstrom (banking).
The agents were represented by McCarthy Tétrault LLP in Toronto, with a team that included Christopher Hoffmann and Andrew Armstrong (securities) and James Morand (tax). MAXIN’s lender, The Bank of Nova Scotia, was represented by Richard Higa, David Taylor and David Arntfield of McMillan Binch LLP.
CIBC World Markets Inc. and RBC Capital Markets Inc. acted as co-lead agents of the offering. The other syndicate members were TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., Canaccord Capital Corporation, Desjardins Securities Inc., HSBC Securities (Canada) Inc., Dundee Securities Corporation, First Associates Investments Inc., Middlefield Securities Limited, Raymond James Ltd. and Wellington West Capital Inc.
MAXIN and Middlefield were represented by Fasken Martineau DuMoulin LLP in Toronto, with a team that included Stephen Erlichman, Tracy Hooey and John Sabetti (securities), Mitchell Thaw (tax) and Jon Holmstrom (banking).
The agents were represented by McCarthy Tétrault LLP in Toronto, with a team that included Christopher Hoffmann and Andrew Armstrong (securities) and James Morand (tax). MAXIN’s lender, The Bank of Nova Scotia, was represented by Richard Higa, David Taylor and David Arntfield of McMillan Binch LLP.
