OSBFC Issues Debentures

On November 7, 2003, Ontario School Boards Financing Corporation (OSBFC) closed the issuance and offering of $200 million 2003-A1 pooled debentures ownership interests and $258.091 million 2003-A2 pooled debentures ownership interests, representing undivided co-ownership interests in $200 million 5.3 per cent sinking fund debentures due on November 7, 2013, and $258.091 million 5.8 per cent amortizing debentures due on November 7, 2028, of 17 school boards in the province of Ontario, for the aggregate principal amount of $458.091 million.

OSBFC was represented by Carol Pennycook, Lori Sullivan and John Zinn (tax) of Davies Ward Phillips & Vineberg LLP. The underwriters, led by CIBC World Markets Inc., were represented by Heather Douglas and Adam Segal of Borden Ladner Gervais LLP.