McCarthy Tétrault, Fasken, Blakes, Osler, Dentons, Stikeman Elliott among legal counsel
Deal: TD Bank issues limited recourse capital notes
Value: $750 million
This week’s deals roundup highlights major offerings from TD Bank, Canoe EIT, Capital Power, and Brompton Energy Split, collectively raising over $1.8 billion in capital. McCarthy Tétrault, Fasken, Blakes, Osler, Dentons, and Stikeman Elliott are among the legal counsel in this week’s roundup.
The Toronto-Dominion Bank (TD) closed the previously announced $750 million issuance of Limited Recourse Capital Notes Series 5. The notes carry a 5.909 percent annual fixed rate until January 31, 2030, resetting every five years thereafter, and mature on January 31, 2085. They qualify as Additional Tier 1 Capital under regulatory standards.
The offering is co-led by TD Securities Inc., RBC Dominion Securities Inc., CIBC World Markets Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., Desjardins Securities Inc., iA Private Wealth Inc., National Bank Financial Inc., Laurentian Bank Securities Inc., Manulife Wealth Inc., Merrill Lynch Canada Inc., and Wells Fargo Securities Canada, Ltd.
McCarthy Tétrault LLP served as legal counsel to TD and Fasken Martineau DuMoulin LLP represented the agents.
Canoe EIT Income Fund announced the renewal of its at-the-market equity program, allowing the Fund to issue up to $625 million of units to the public from time to time, at the discretion of Canoe Financial LP. This ATM program replaces the prior program established in December 2022, which was terminated.
Blake, Cassels & Graydon LLP served as the legal counsel for the Fund and Osler, Hoskin & Harcourt LLP represented the sole agent in this offering, National Bank Financial Inc.
The ATM Program will be effective until January 17, 2027 unless terminated prior to such date by the Fund. The Fund intends to use the proceeds from the ATM Program in accordance with the Fund’s investment objectives and strategies, subject to the Fund’s investment restrictions.
Capital Power Corporation, a growth-oriented power producer with approximately 9,300 MW of power generation at 32 facilities across North America, has completed its previously announced public offering, raising $460 million. The proceeds will support acquisitions, growth initiatives, and general corporate purposes.
The underwriters for this offering are TD Securities Inc., Scotia Capital Inc., RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., Merrill Lynch Canada Inc., ATB Securities Inc., Desjardins Securities Inc., iA Private Wealth Inc., and Raymond James Ltd.
Dentons Canada LLP served as legal counsel to Capital Power and Osler, Hoskin & Harcourt LLP represented the underwriters.
Brompton Energy Split Corp. announced a $50 million at-the-market (ATM) offering of Preferred Shares and Class A Shares. RBC Dominion Securities Inc. acted as the sole agent for the deal.
Osler, Hoskin & Harcourt LLP served as legal counsel to Brompton Energy Split and Stikeman Elliott LLP represented RBC Dominion Securities.
The offering allows sales at prevailing market prices through the Toronto Stock Exchange under symbols ESP.PR.A and ESP. Proceeds will be used to support the company’s investment strategy in dividend-paying global energy equities.
Preferred Shares offer quarterly fixed distributions, while Class A Shares provide monthly distributions based on portfolio performance. The deal requires no minimum raise and aims to maintain net asset value per unit stability.
