UBS Global Allocation Trust completes C$180 million initial public offering of units

Torys acted as counsel to the underwriting syndicate with a team led by Patricia Koval and that included Andre Poles, Stephanie Montgomery-Graham and Benjamin Shinewald (corporate) and Corrado Cardarelli, Ann Marie McGovern and Tim Rorabeck (tax).

On March 16, 2004, UBS Global Allocation Trust (TSX: GAT.UN) completed an initial public offering of 18 million units, generating gross proceeds of C$180 million. Pursuant to the exercise of the over-allotment option, the trust raised an additional C$6.5 million on March 30.

The trust will actively invest across seven asset classes worldwide with the goal of generating long-term capital appreciation and a monthly distribution of 5 percent per annum based on the initial subscription price, and will hedge all of its foreign currency exposure back to the Canadian dollar.

The trust is the first listed offering promoted and managed by UBS Global Asset Management (UBS), a major international asset management firm.

The offering was made through a syndicate of agents co-led by RBC Capital Markets and CIBC World Markets, and including BMO Nesbitt Burns, National Bank Financial, Scotia Capital, TD Securities, Canaccord Capital, Desjardins Securities, Dundee Securities, First Associates Investments, HSBC Securities (Canada), Raymond James and Research Capital.