Transaction|August 19, 2005
New Flyer Industries completes C$200 million initial public offering of income deposit securities
Torys acted as counsel to New Flyer Industries and its New York–based private equity sponsor Harvest Partners. Torys' Toronto and New York team included Mike Amm, Darren Sukonick, Jamie Scarlett, Alexandra Kau, Rima Ramchandani, Julia Cornett, Andrew Lannon and Adam Sheinkin (corporate/securities), Adam Delean, Jonathan Weisz, Darien Leung, Scott Kraag, Saro Sarmazian and Milosz Zemanek (credit and subdebt), John Unger and Catrina Card (tax), Christina Medland, Mitch Frazer and Valerie Arthur (pension and employment), Len Griffiths, Sarah Gilbert and Jeff Gracer (environmental), Jay Holsten (competition), John Cameron (opinion) and Scott Bomhof and Zara Watkins (restructuring).
On August 19, 2005, New Flyer Industries Inc. and New Flyer Industries Canada ULC completed their C$200 million initial public offering of income deposit securities (IDSs). New Flyer, with headquarters in Winnipeg and manufacturing facilities in Winnipeg and Minnesota, is the leading manufacturer of heavy-duty transit buses (including hybrid, natural gas and electric) in the United States and Canada. New Flyer is a significant supplier of buses to Toronto and New York City.
The offering was led by CIBC World Markets and BMO Nesbitt Burns and included a US$170 million credit facility. It was the first instance of a cross-border income securities structure being used in connection with a primarily Canadian operating business.
The offering was led by CIBC World Markets and BMO Nesbitt Burns and included a US$170 million credit facility. It was the first instance of a cross-border income securities structure being used in connection with a primarily Canadian operating business.