BCI closes of C$1.25 billion inaugural bond issuance

Torys acted as counsel to BCI in its inaugural offering with a team led by Rima Ramchandani and that included Michael Zackheim, Brianna Pioli and Kendall Grant (corporate/securities).

On October 27, 2023, British Columbia Investment Management Corporation (“BCI”) issued C$1.25 billion 4.90% senior unsecured notes, Series 1, which mature on June 2, 2033. The offering was oversubscribed with over C$1.9 billion in orders from more than 50 global investors.

The offering was made on an agency basis by a syndicate of agents co-led by RBC Capital Markets and TD Securities and including BMO Capital Markets, CIBC World Markets, Desjardins Securities, Scotiabank and Laurentian Bank Securities as co-managers.

Proceeds from the offering will be used for general investment purposes.

Further information can be found on BCI’s website.

BCI is amongst the largest institutional investors in Canada with C$233.0 billion in gross assets under management, as of March 31,2023. Based in Victoria, British Columbia, it manages a portfolio of diversified public and private market investments on behalf of 32 British Columbia public sector clients.