Microcell Telecommunications Completes Rights Offering

Microcell Telecommunications completed an equity issue of $350 million and private placement of $100 million comprised of a rights offering of $250 million on December 17, 2001. Pursuant to the rights offering, the holders of Microcell’s outstanding common shares, class A non-voting shares, class B non-voting shares and warrants were offered to subscribe for an aggregate 122,955,459 class B non-voting shares. All the class B shares were subscribed by Microcell’s shareholders.

Under a standby commitment agreement, CDP Capital Communications, a wholly owned subsidiary of Caisse de dépôt et placement du Québec, and CIBC agreed to purchase respectively 80 per cent and 20 per cent class B non-voting shares not otherwise purchased pursuant to such offering.

Microcell was represented by Jocelyn Côté, vice-president, legal affairs, and assistant secretary, and Michel Cordeau, secretary; and Neil Wiener of Heenan Blaikie LLP. Capital Communications’ legal team consisted of senior legal counsel Robert Côté and Ogilvy Renault’s Paul Raymond, Marie-France Nantel and Thierry Dorval. CIBC was represented by Davies Ward Phillips & Vineberg LLP, with a team comprised of Maryse Bertrand and Pascal de Guise in Montreal. Guy Lander and Scott Tayne of DWPV’s New York office represented both investors in connection with the U.S. regulatory filings.