BCI completes C$1.5 billion re-opening of its Series 2 notes

Torys acted as counsel to BCI, in respect of the assets of the Combined Funds which it holds in trust, with a team led by Rima Ramchandani and that included Michael Zackheim, Kendall Grant and Nicole Beausoleil (corporate/securities).

On January 10, 2025, British Columbia Investment Management Corporation (“BCI”), in respect of the assets of the Combined Funds which it holds in trust, completed a C$1.5 billion re-opening of its 3.40% senior unsecured notes, Series 2, due June 2, 2030.

The notes were sold by a syndicate of agents co-led by RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc. and Scotia Capital Inc. and included Desjardins Securities Inc., TD Securities Inc. and Laurentian Bank Securities Inc.

Offered by way of a private placement, the additional notes form part of the same series as the already outstanding C$1.5 billion principal amount of 3.40% senior unsecured notes, Series 2, due June 2, 2030, issued on August 22, 2024. After giving effect to the re-opening, the aggregate principal amount of the series is C$3.0 billion.

BCI is amongst the largest institutional investors in Canada with C$250.4 billion in gross assets under management, as of March 31, 2024. Based in Victoria, British Columbia, it manages a portfolio of diversified public and private market investments on behalf of 30 British Columbia public sector clients.