Province of Ontario Completes Global Bond Offering in November 2004

On November 26, 2004, the Province of Ontario completed the sale of US$1 billion aggregate principal amount of 3.375 per cent global bonds due January 15, 2008. The bonds were offered through an underwriting syndicate led by the Toronto-Dominion Bank, Deutsche Bank Securities Inc. and Citigroup Global Markets Inc. and including CIBC World Markets Corp., RBC Capital Markets Corp., Merrill Lynch, Pierce, Fenner & Smith Inc., National Bank Financial Inc., Scotia Capital (USA) Inc., UBS Securities LLC, Barclays Capital Inc., BMO Nesbitt Burns Inc. and HSBC Securities (USA) Inc.

The bonds were offered for sale in the US through a prospectus supplement under the Province’s existing shelf registration statement and were listed on the Luxembourg Stock Exchange.
The Province was represented by legal counsel from the Ministry of the Attorney General, including Nicole Symeonides and Alex Raphael, and for US matters by the Toronto office of Shearman & Sterling LLP with a team that included Brice Voran and Tania Garcia-Eaton.

The underwriters were represented by Stikeman Elliott LLP, with a team that included James Davis and Andrew Grossman in Toronto and Sherry Roth in London, England; and in the US by Davis Polk & Wardwell, with a team that included Winthrop Conrad, Jr., Donna Chambers and Jean Weng.