On May 2, 2003, Onyx Trust, Series A-1, completed its initial public offering by way of prospectus; 160,000 units were issued at $100, for gross proceeds of $16 million. National Bank Financial Inc. acted as agent in connection with the offering. The trust’s objectives are to provide unitholders with a stream of tax-deferred quarterly distributions at a yield of 6 per cent per annum, and to redeem all outstanding units at the original subscription price of $100 per unit on May 17, 2008. The mezzanine tranche will benefit from a first loss tranche equal to 5 per cent of the gross proceeds of the offering. To meet its investment objectives, the trust entered into a swap agreement with the Toronto branch of JPMorgan Chase Bank.
Fasken Martineau DuMoulin LLP acted for the trust and National Bank Financial Inc., with a team that included Robert Girard, Jocelyn Lafond and Gilles Carli. Stikeman Elliott LLP acted for JPMorgan Chase, with a team that included William Scott, Jason Kroft and Jason Wilson.
Fasken Martineau DuMoulin LLP acted for the trust and National Bank Financial Inc., with a team that included Robert Girard, Jocelyn Lafond and Gilles Carli. Stikeman Elliott LLP acted for JPMorgan Chase, with a team that included William Scott, Jason Kroft and Jason Wilson.
