Primary Energy Recycling Corporation completes C$310 million initial public offering of EISs, notes placement and credit facility

Torys acted as counsel to Primary Energy Recycling in Canada and the United States, working with in-house counsel Charlotte Toerber and Craig Bennett, who managed the company's IPO as part of several connected transactions. The Torys team included Jamie Scarlett, Beth DeMerchant, Glen Johnson and Cynthia Sargeant (corporate Toronto), Mark Adkins, Darien Leung, Gavin Sinclair, Craig Pell, Stephanie Weissglas, Zara Watkins, Michael Arnot and Mark Irving (corporate New York), Buz Barclay, Andy Schifrin and Adam Sheinkin (energy and power), Gary Gartner, Bari Zahn, Joshua Wanderer, Corrado Cardarelli, Ron Nobrega and Andrea Shreeram (tax), Brad Cost and Matthew Franks (senior credit), Jeff Gracer and Shaya Berger (environmental), Karen Ayre (real estate), Christina Medland and Nadine Côté (employment).

On August 24, 2005, Primary Energy Recycling Corporation (TSX: PRI.UN) completed its C$310 million initial public offering of enhanced income securities (EISs) and C$18.5 million private placement of separate subordinate notes, and entered into a new US$150 million senior credit facility.

The syndicate of underwriters in the public offering was led by RBC Capital Markets and CIBC World Markets as joint bookrunners, and included Scotia Capital, BMO Nesbitt Burns, TD Securities and HSBC Securities. The separate subordinated notes were placed by RBC Capital Markets as agent, and the new US$150 million senior credit facility was arranged by RBC Capital Markets and CIBC World Markets.

Primary Energy Recycling Corporation owns a majority interest in Primary Energy Recycling Holdings LLC, an energy recycling company based in Oak Brook, Illinois. Primary Energy develops, owns and operates industrial facilities for the conversion of waste energy into electric and thermal energy for its host steel mills.