Versacold Becomes Income Fund

Versacold completed a multi-faceted transaction on February 12, 2002 that included a public offering of 9.42 million trust units for aggregate proceeds of approximately $80 million, the conversion of Versacold, a TSE-listed public refrigerated warehouse business, into an income trust, Versacold Income Fund, by way of a plan of arrangement and the refinancing of Versacold’s long-term debt under a $75 million credit facility with a syndicate led by the Bank of Nova Scotia.

Fraser Milner Casgrain LLP acted for Versacold with a team led by Bruce McKay and Blair Horn, and including James Beeby, Alan Hutchinson, Charlie Tutt, Richard McDerby and Sarah Westwood in Vancouver, and Jules Lewy (tax) in Toronto.

Borden Ladner Gervais LLP acted for the underwriting syndicate, led by Scotia Capital Inc. The BLG team was led by Bill Sirett, and included Fred Pletcher, Dario Fracca and Gordon Cameron in Vancouver, and Larissa Tkachenko and Craig Webster (tax) in Toronto. Lawson Lundell acted for the Bank of Nova Scotia lending syndicate with a team that included John Smith, Michael Low, Paul Bradley, Kimberley Harrison, John-Paul Bogden, Maria Preovolos and Martin Kyle.