On August 19, 2005, New Flyer Industries Inc. and New Flyer Industries Canada ULC completed their C$200 million initial public offering of income deposit securities (IDSs). New Flyer, with headquarters in Winnipeg and manufacturing facilities in Winnipeg and Minnesota, is the leading manufacturer of heavy-duty transit buses (including hybrid, natural gas and electric) in the US and Canada. New Flyer is a significant supplier of buses to Toronto and New York City. The offering was led by CIBC World Markets and BMO Nesbitt Burns and included a US$170 million credit facility. It was the first instance of a cross-border income securities structure being used in connection with a primarily Canadian operating business.
New Flyer Industries and its New York–based private equity sponsor Harvest Partners were represented by Torys LLP in Toronto and New York with a team that included Mike Amm, Darren Sukonick, Jamie Scarlett, Alex Kau, Rima Ramchandani, Julia Cornett, Andrew Lannon and Adam Sheinkin (corporate/securities); Adam Delean, Jonathan Weisz, Darien Leung, Scott Kraag, Saro Sarmazian and Milosz Zemanek (credit and subdebt); John Unger and Catrina Card (tax); Christina Medland, Mitch Frazer and Valerie Arthur (pension and employment); Len Griffiths, Sarah Gilbert and Jeff Gracer (environmental); Jay Holsten (competition); and John Cameron (opinion); and Scott Bomhof and Zara Watkins (restructuring). White & Case LLP acted as US counsel to New Flyer and Harvest Partners with a team that included John Reiss, Oliver Brahmst, Maureen Brundage, Daniel Kessler, Martin Glass, Jamie Sklar, Hilary Paterson, Jack Rotenstein, Bret Grebe, Logan Hennessey and Wenying Li (corporate/securities); Bill Dantzler, Sang Ji, David Dreier, Jacob Rosenfeld, James Larkin and Wilda Lin (tax); David Joyce and Kristin Smith (banking); Mark Hamilton, Randall McGeorge and Tal Marnin (pension and employment); Paul Milmed (environmental); Richard Heaton (real estate); and David Ernst (competition).
The underwriters were represented by Goodmans LLP with a team that included Stephen Pincus, Sheldon Freeman, Victor Liu, Piran Thillainathan and Caroline Cook (corporate/securities), Mark Surchin (finance) and Carrie Smit (tax). Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as US counsel to the underwriters with a team that included Andrew Foley, Edwin Maynard and Carl McCarthy (corporate/securities); and David Sicular, John Lynch and Joanna Mazur (tax).
New Flyer Industries and its New York–based private equity sponsor Harvest Partners were represented by Torys LLP in Toronto and New York with a team that included Mike Amm, Darren Sukonick, Jamie Scarlett, Alex Kau, Rima Ramchandani, Julia Cornett, Andrew Lannon and Adam Sheinkin (corporate/securities); Adam Delean, Jonathan Weisz, Darien Leung, Scott Kraag, Saro Sarmazian and Milosz Zemanek (credit and subdebt); John Unger and Catrina Card (tax); Christina Medland, Mitch Frazer and Valerie Arthur (pension and employment); Len Griffiths, Sarah Gilbert and Jeff Gracer (environmental); Jay Holsten (competition); and John Cameron (opinion); and Scott Bomhof and Zara Watkins (restructuring). White & Case LLP acted as US counsel to New Flyer and Harvest Partners with a team that included John Reiss, Oliver Brahmst, Maureen Brundage, Daniel Kessler, Martin Glass, Jamie Sklar, Hilary Paterson, Jack Rotenstein, Bret Grebe, Logan Hennessey and Wenying Li (corporate/securities); Bill Dantzler, Sang Ji, David Dreier, Jacob Rosenfeld, James Larkin and Wilda Lin (tax); David Joyce and Kristin Smith (banking); Mark Hamilton, Randall McGeorge and Tal Marnin (pension and employment); Paul Milmed (environmental); Richard Heaton (real estate); and David Ernst (competition).
The underwriters were represented by Goodmans LLP with a team that included Stephen Pincus, Sheldon Freeman, Victor Liu, Piran Thillainathan and Caroline Cook (corporate/securities), Mark Surchin (finance) and Carrie Smit (tax). Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as US counsel to the underwriters with a team that included Andrew Foley, Edwin Maynard and Carl McCarthy (corporate/securities); and David Sicular, John Lynch and Joanna Mazur (tax).
