BCI completes C$1.5 billion re-opening of its Series 3 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 Kendall Grant, Nicole Beausoleil and Rivannah Brown (corporate/securities), Richard Johnson and Ian Farndon (tax).
On August 21, 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 4.00% senior unsecured notes, Series 3, due June 2, 2035.
The notes were sold by a syndicate of agents co-led by BMO Nesbitt Burns Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc. and included Desjardins Securities Inc., Scotia Capital Inc., TD Securities Inc., Laurentian Bank Securities Inc. and National Bank Financial 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 4.00% senior unsecured notes, Series 3, due June 2, 2035, issued on May 16, 2025. 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$251.6 billion in net assets under management, as of March 31, 2025. Based in Victoria, British Columbia, it manages a portfolio of diversified public and private market investments on behalf of over 30 British Columbia public sector clients.