Data Group Income Fund completes C$148 million initial public offering

Torys acted as counsel to the underwriters with a team that included Jamie Scarlett, Darren Sukonick, Rena Shadowitz, Wendy Kennish and Nadine Rockman Katz (corporate and securities) and Corrado Cardarelli and Jennifer Sandford (tax).

On December 21, 2004, Data Group Income Fund completed a C$133 million initial public offering of units (C$148 million after the over-allotment option granted to the underwriters was exercised in full on January 11, 2005). The net proceeds of the offering were used primarily to acquire Data Business Forms, a leading provider of total document management solutions including printed products.

Concurrently with the closing of the offering, Data Business Forms repaid its existing credit facilities and entered into a senior secured revolving credit facility in the principal amount of C$50 million—C$40 million of which was drawn on closing.

The units were offered for sale by a syndicate of underwriters led by CIBC World Markets and TD Securities, and included BMO Nesbitt Burns, National Bank Financial and Scotia Capital.