Arriscraft International Income Fund completes C$70 million initial public offering
On December 14, 2004, Arriscraft International Income Fund completed its initial public offering through an underwriting of 6,674,700 trust units at a price of C$10 per unit. Including the subsequent exercise of the over-allotment by the underwriters, the total gross proceeds of the offering were C$70,083,340. The underwriting syndicate was led by BMO Nesbitt Burns Inc. and included Scotia Capital Inc., CIBC World Markets Inc., RBC Dominion Securities Inc. and Canaccord Capital Corporation.
Proceeds of the offering, together with $16 million borrowed under a credit facility provided by the Bank of Nova Scotia and the Bank of Montreal, were used to indirectly acquire the manufactured stone, brick and natural stone masonry products business previously operated by Arriscraft International Inc., Arriscraft International LLC and certain affiliates. The fund, through its indirect ownership of the Arriscraft business, is the leading producer of manufactured stone masonry products in Canada and the United States.