Transaction|January 11, 2024

BCI completes C$1 billion re-opening of its inaugural Series 1 notes

Torys acted as counsel to BCI in a re-opening of its inaugural notes with a team led by Rima Ramchandani and that included Kendall Grant and Nicole Beausoleil (corporate/securities).

On January 11, 2024, British Columbia Investment Management Corporation (“BCI”) completed a C$1 billion re-opening of its 4.90% senior unsecured notes, Series 1, due June 2, 2033.

The notes were sold by a syndicate of agents co-led by BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc. and TD Securities Inc. and included Desjardins Securities Inc., Scotia Capital 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$1.25 billion principal amount of 4.90% senior unsecured notes, Series 1, due June 2, 2033, issued on October 27, 2023. After giving effect to the re-opening, the aggregate principal amount of the series is C$2.25 billion.

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.