NAV CANADA Issues Floating Rate MTNs

On November 2, 2004, NAV CANADA, the country’s private, non-share capital provider of civil air navigation services, sold $225 million of floating rate medium term notes due November 2, 2007. The notes were issued under NAV CANADA’s Base Shelf Prospectus previously filed February 23, 2004. The proceeds from the series MT1-5 notes were used to repay the series MT1-2 notes that matured on November 9, 2004.
NAV CANADA was represented by a team from Gowling Lafleur Henderson LLP that included Guy David, Michael Boehm and Monte MacGregor (corporate finance and securities) and Carole Chouinard (tax) in Ottawa; Pierre Lissoir in Montreal; Brian Mainwaring in Calgary; and Brett Kagetsu and Irene Stewart in Vancouver.
The dealers, led by RBC Dominion Securities Inc., were represented by Mikhel Voore and Maurice Swan of Stikeman Elliott LLP in Toronto.