Morneau Sobeco Income Fund completes C$200 million initial public offering

Torys acted as counsel to the underwriting syndicate with a team led by Kevin Morris and that included Rima Ramchandani and Alfred Avanessy (corporate) and Corrado Cardarelli and Shiyamala Devan-Ramdas (tax).

On September 30, 2005, Morneau Sobeco Income Fund completed its initial public offering of 19,979,284 trust units for gross proceeds of approximately C$200 million. Morneau Sobeco Income Fund used the proceeds of the IPO to acquire an indirect 72.7 percent interest in Morneau Sobeco LP.

Morneau Sobeco is the largest Canadian-owned pension and benefits consulting and outsourcing firm, providing services to organizations across Canada and in the United States.

The underwriting syndicate for the offering was co-led by BMO Nesbitt Burns and National Bank Financial, and included CIBC World Markets, TD Securities, RBC Dominion Securities and Scotia Capital. Concurrent with the IPO, Morneau Sobeco entered into new credit facilities with The Toronto-Dominion Bank and National Bank of Canada.