On June 22, 2005, Norcast Income Fund completed its initial public offering of 7,702,500 trust units at $10 per unit for gross proceeds of $77,025,000. The net proceeds of the offering were used by the fund to acquire Norcast Castings Company Ltd., a manufacturer of mill liners and small grinding media for the global mining industry.
The offering was underwritten by a syndicate that included CIBC World Markets Inc. and Scotia Capital Inc. as co-leads and TD Securities Inc. and National Bank Financial Inc.
Concurrent with the closing of the offering, on June 22, 2005, Norcast entered into a revolving credit facility for working capital requirements of up to an aggregate amount of $10 million (subject to certain borrowing base limitations) and a term loan of an aggregate amount of $19.9 million.
Torys LLP represented the fund and Norcast on the offering and the credit facility with a team that included Jamie Scarlett, Matthew Cockburn, Michael Pickersgill, Victoria Carrier and Michelle Kisluk (corporate/securities); Corrado Cardarelli and Jennifer Sandford (tax); Jonathan Weisz, Tom Zverina and Milosz Zemanek (credit facility); Christina Medland and Mitch Frazer (pension, benefits and executive compensation); Dennis Mahony (environmental); and Jessica Lumière (intellectual property).
The offering was underwritten by a syndicate that included CIBC World Markets Inc. and Scotia Capital Inc. as co-leads and TD Securities Inc. and National Bank Financial Inc.
Concurrent with the closing of the offering, on June 22, 2005, Norcast entered into a revolving credit facility for working capital requirements of up to an aggregate amount of $10 million (subject to certain borrowing base limitations) and a term loan of an aggregate amount of $19.9 million.
Torys LLP represented the fund and Norcast on the offering and the credit facility with a team that included Jamie Scarlett, Matthew Cockburn, Michael Pickersgill, Victoria Carrier and Michelle Kisluk (corporate/securities); Corrado Cardarelli and Jennifer Sandford (tax); Jonathan Weisz, Tom Zverina and Milosz Zemanek (credit facility); Christina Medland and Mitch Frazer (pension, benefits and executive compensation); Dennis Mahony (environmental); and Jessica Lumière (intellectual property).
