Opérations et transactions|16 décembre 2004
TorQuest Partners completes C$73.7 initial public offering of units by Granby Industries Income Fund
Torys acted as counsel to the underwriters with a team that included Philip Brown, Matthew Cockburn, Ryan Barry and Sunny Sodhi (corporate and securities) and John Unger and Catrina Card (tax).
On December 16, 2004, TorQuest Partners Inc., a private equity manager, completed the indirect sale of the business and assets of Granby Steel Tanks Limited Partnership, a leading North American manufacturer of high-quality heating oil storage tanks and a leading North American manufacturer of coated copper tubing, to Granby Industries Limited Partnership. The purchase was financed by an initial public offering of units by Granby Industries Income Fund, the indirect parent of Granby Industries Limited Partnership, and by a C$12 million term loan facility. The offering raised $73.7 million. TorQuest has indirectly retained a 20 percent indirect interest in Granby Industries Income Fund.
The initial public offering was underwritten by a syndicate led by RBC Capital Markets and Scotia Capital, and including BMO Nesbitt Burns, CIBC World Markets and TD Securities. The C$12 million term loan facility, as well as an accompanying C$12 million revolving credit facility, was entered into by Granby Industries Limited Partnership with Royal Bank of Canada and Scotiabank.
The initial public offering was underwritten by a syndicate led by RBC Capital Markets and Scotia Capital, and including BMO Nesbitt Burns, CIBC World Markets and TD Securities. The C$12 million term loan facility, as well as an accompanying C$12 million revolving credit facility, was entered into by Granby Industries Limited Partnership with Royal Bank of Canada and Scotiabank.