26 LEXPERT MAGAZINE
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NOVEMBER/DECEMBER 2016
BIG DEALS
and its affiliates with a deal team consisting of Robin Clarkson, Eliska
Pejskova, Laura Taylor and Laura McMorland (securities/corporate
finance) and John Kennedy (banking). Schjødt acted as Norwegian
counsel to Sterling and its affiliates with a team including Jon Kris-
tian Sjåtil, Hedda Leikvang and Anders Gullåsen. Milbank, Tweed,
Hadley & McCoy LLP acted as US counsel to Sterling and its affili-
ates with a deal team consisting of Mark Mandel, Brett Nadritch and
Danielle Kersis.
Osler, Hoskin & Harcourt LLP advised the Bond trustee with
a team led by Robert Lehodey, QC, that included Neal Ross (securi-
ties/corporate finance) and Lorne Carson and Tina Peters (banking).
Freshfields Bruckhaus Deringer acted as UK counsel to the Bond
trustee with a team including Adam Gallagher, Jack Shepherd, Sean
Lacey, Jenna Willis and Tom Wallis (securities/corporate finance)
and Hugh Landry and Michael Blau (banking). Wikborg Rein act-
ed as Norwegian counsel to the Bond trustee, with a team consisting
of Andreas Fjaervoll-Larsen and Birgitte Karlsen.
Utilities Financials Health Research
Entertainment Recreation & Leisure Advertising & Marketing
E-Commerce Construction & Engineering
Consumer Staples
CIBC COMPLETES NEGATIVE-YIELD
COVERED BOND OFFERING
CLOSING DATE: JULY 25, 2016
On July 25, 2016, Canadian Imperial Bank of Commerce (CIBC)
completed its first offering of negative yield Euro denominated cov-
ered bonds. CIBC Issued an aggregate amount of EUR1.25 billion
Series CBL12 0.00 per cent covered bonds due July 25, 2022. is
offering was made under CIBC's $20-billion Global Covered Bond
Programme registered under the Canadian legal framework for cov-
ered bonds. is was only the second negative yielding euro bench-
mark covered bond and the first by a non-European bank.
McCarthy Tétrault LLP (Toronto and London, UK) acted as ex-
ternal counsel to CIBC, the issuer, with a team consisting of Marc
MacMullin, Candace Pallone, Tina Benson, Blake Jones and Suraj
Rammohan. Additionally, CIBC was represented internally by Frank
Vivacqua, Vice President & Associate General Counsel, as well as by
Andrew Bozzato, Counsel.
Insurance Insurance Insurance
INDUSTRIAL ALLIANCE COMPLETES
$400M SUBORDINATED DEBENTURES OFFERING
CLOSING DATE: SEPTEMBER 16, 2016
On September 16, 2016, Industrial Alliance Insurance and Finan-
cial Services Inc. ("Industrial Alliance") completed the offering of
$400-million aggregate principal amount of 3.30 per cent Fixed/
Floating Subordinated Debentures due September 15, 2028. e of-
fering was made under a shelf prospectus dated April 16, 2015, and
pursuant to a prospectus supplement dated September 13, 2016.
e transaction was completed on an agency basis by a syndicate
led by TD Securities, as sole lead and bookrunner, and consisting of
CIBC World Markets, RBC Capital Markets, BMO Capital Mar-
kets, Industrial Alliance Securities, National Bank Financial and
Scotia Capital.
Industrial Alliance's legal team included Jennifer Dibblee, Vice-
President, Legal Services and Corporate Secretary, and Chantale
Blais, Senior Legal Counsel. Norton Rose Fulbright Canada LLP
acted as legal counsel to Industrial Alliance. e team was led by i-
erry Dorval, and included Solomon Sananes, Renée Loiselle and Lady
Africa Sheppard (corporate and securities) and Derek Chiasson (tax).
e agents were represented by McCarthy Tétrault LLP with a
team that included Andrew Parker, Charles-Antoine Soulière, Julien
Langlois (corporate and securities), Barry Ryan (regulatory) and Ga-
brielle Richards (tax).
GOLDEN STAR RESOURCES
COMPLETES CONCURRENT EQUITY
OFFERING AND DEBT FINANCING
CLOSING DATE: AUGUST 3, 2016
On August 3, 2016, Golden Star Resources Ltd. ("Golden Star") com-
pleted a public offering in Canada and the United States of 46 mil-
lion common shares (the "Common Shares") at a price of US$0.75
per Common Share, for aggregate gross proceeds of US$34.5 million
(the "Equity Offering"), which included the full exercise of an over-
allotment option granted to the underwriters.
e Equity Offering was conducted by a syndicate of underwriters
led by BMO Nesbitt Burns Inc. and including National Bank Finan-
cial Inc., Scotia Capital Inc. and CIBC Worlds Markets Inc.
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