BFC.UN - BFI Canada Income Fund (the 'Fund') announced that the underwriters for the Fund's recently completed initial public offering have exercised their over-allotment option for 1,821,800 Units of the Fund at a price of $10.00 per Unit for gross proceeds of $18,218,000. As described in the final prospectus of the Fund dated April 16, 2002, the net proceeds of the over-allotment option will be used by the Fund to purchase an aggregate of 1,821,800 Units at a price of $9.425 per Unit from former securityholders of the parent company of BFI Canada. Following the closing of the over-allotment option the Fund will have outstanding 26,500,000 Units being the same number of Units that are currently outstanding.
The Fund completed its initial public offering of 17,500,000 Units for gross proceeds of $175,000,000 on April 25, 2002. Upon the closing of the public offering an additional 9,000,000 Units were transferred to the then securityholders of the parent company of BFI Canada in connection with the acquisition of the business carried on by BFI Canada and its affiliates. The initial public offering was made through a syndicate of underwriters led by CIBC World Markets Inc. and National Bank Financial Inc. and included BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., Dundee Securities Corporation and Desjardins Securities Inc.
BFI Canada is a full-service waste management company providing non- hazardous solid waste collection and landfill disposal services for commercial, industrial and residential customers in the provinces of British Columbia, Alberta, Manitoba, Ontario and Quebec. Based on revenues, BFI Canada is one of the three largest non-hazardous solid waste management companies in Canada. The Company owns and operates three landfills, carries on collection operations in 18 markets, and operates three transfer collection stations, seven material recovery collection facilities and one landfill gas to energy facility. BFI's business does not include any management, collection or disposal of hazardous or liquid waste.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of the prospectus, nor shall there be any sale of the Units in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province or jurisdiction.
BFI Canada Income Fund Units have not been, and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an application for exemption from the registration requirements under U.S. securities laws. Not for distribution to U.S. News wire services or dissemination in the U.S.
CONTACT: TEL: (416) 401-7722 Joe Quarin
EMAIL: joe.quarin@bficanada.com
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