News and Recognitions

Legal Media Group/Euromoney's IFLR1000 has published its 2008 rankings and analysis of the best financial law firms operating in more than 100 markets worldwide. In the guide, Torys ranks among the top firms in Canada in the following areas, along with several practitioners in each area:

• banking
• capital markets
• mergers and acquisitions
• project finance
• restructuring and insolvency

Banking

Clients like RBC, Bank of Nova Scotia, and Ontario Teachers' Pension Plan serve as evidence of Torys' preferred status in the market. Blair Keefe is particularly regarded for his regulatory expertise and steady relationships with many of these premier clients. Torys' cross-border regulatory expertise and expanding insurance practice are also of note.

Transaction Highlights

• Alinda Capital Partners in its C$1.74 billion financing acquisition of UE Waterheater Income Fund (the deal's structure included the creation of a bridge facility, the refinancing of an existing bridge facility, and private placements of notes in Canada and the United States)
• Great-West Life Assurance Co. in the C$4.6 billion acquisition by Great-West Lifeco of Putnam Investments Trust from Marsh & McLennan

• Triad Guaranty Insurance and National Mortgage Guaranty Insurance in the incorporation of the two companies, in their offering of mortgage-guarantee insurance throughout Canada, and in subsequent filings between the insurance provider and CMHC

Leading Lawyers

• Amanda Balasubramanian
• Adam Delean
• Blair Keefe
• Sunny Sodhi
• Jonathan Weisz

Capital Markets

Torys' reputation brings it a diverse client base of financial institutions and public companies, many of which retain the firm in other practice areas as well.

Transaction Highlights

• Gerdau Ameristeel in its US$1.55 billion offering of common shares in the United States and Canada 
• Saskatchewan Wheat Pool on its C$1.8 billion acquisition of United Grain Growers (the transaction included crossover capital markets work with public and private placements of subscription receipts, as well as two separate public offerings of subscription receipts

• Scotia Capital as the lead underwriter in Scotiabank's C$345 million offering of preferred shares

Leading Lawyers

• Michael Feldman (described as a "terrific lawyer")
• Phil Mohtadi
• Karrin Powys-Lybbe
• James Scarlett (described as a "terrific lawyer")

Mergers and Acquisitions

Torys has had a respectable year of representations, advising several large clients in the commodities and technology sectors. Torys also increased its already deep bench in M&A work with the lateral hire of Omar Wakil.

Transaction Highlights

• Saskatchewan Wheat Pool on its C$1.8 billion acquisition of United Grain Growers (the deal included several public offerings of subscription receipts, two separate asset sales to Cargill and James Richardson International, and establishing a new credit agreement with TD Bank and GE Canada Finance)
• Cognos in its US$4.9 billion sale to IBM (making IBM and Cognos the largest creator of business intelligence and performance management technology)
• Gerdau Ameristeel in its US$4.22 billion acquisition of Chaparral Steel

Leading Lawyers

• Richard Balfour
• Philip Brown
• Sharon Geraghty
• Patricia Koval

Project Finance

Torys has had a year of high-profile representations in the infrastructure sector. From nuclear and cogenerating power plants to bridges, the firm has entrenched itself in infrastructure work.

Transaction Highlights

• Scotia Capital and Dexia Credit Local in the C$750 million financing of part of Bruce A nuclear refurbishment (the loan was part of a larger C$3 billion investment to refurbish the plant; the deal was conducted through the subsidiary BPC Generation Infrastructure Trust and received Euromoney's award for the project finance deal of the year in 2007)
• TD Securities as the bondholder East Windsor Cogeneration' C$179 million private placement of secured debentures (the capital is going toward the development and construction of a cogeneration power plant in the region)

• the lending consortium in the C$165 million project financing of the Deh Cho Bridge in the Northwest Territories

Leading Lawyers

• Amanda Balasubramanian
• Sabrina Gherbaz
• Alison Lacy
• Jonathan Weisz