Transaction|July 12, 2007
New Flyer Industries completes C$110 million IDS offering
Torys acted as counsel to New Flyer in Canada and the United States, working closely with New Flyer's General Counsel Colin Pewarchuk. The Torys team included Mike Amm, Rima Ramchandani, Kelly Kwan, Allen Yi, Jamie Scarlett, Darien Leung and Michael Arnot (corporate), John Unger and Grace Pereira (tax) and Scott Kraag (lending).
On July 12, 2007 New Flyer Industries Inc. (New Flyer) and New Flyer Industries Canada ULC completed a C$110 million bought deal follow-on offering of income deposit securities. The proceeds of the offering were used to purchase a portion of the retained interest from the former private equity sponsors and management. The underwriting syndicate was led by CIBC World Markets and Scotia Capital.
New Flyer is the leading manufacturer of heavy-duty transit buses in the United States and Canada, and a leading provider of aftermarket services.