Canada: Capital Markets
The development of the Canadian high-yield debt market, traditionally an arena solely for the US, has provided an alternative financing option for Canadian companies. So far the deals have focused on re-financing existing debt but there is scope for the market to be used to finance acquisitions with a bank “bridge” backstop. The market proffers exciting new possibilities for Canadian businesses and their respective lawyers. In total, 54 individuals have been selected for their outstanding work.
Stikeman Elliott LLP has an “impressive” eight listings from four offices across the country in this chapter, a testament to the quality of its capital markets lawyers.In Calgary, Christopher Nixon is a “creative practitioner” who can be depended upon to deliver results. Alongside him, the “accomplished” Craig Story practises corporate finance with experience in public and private capital markets offerings. His clients include energy, communications and infrastructure companies, private equity firms, and investment bankers. Based in the Toronto office, Jeffrey Singer is “well-known” among his peers. His work includes the approximately $1.1 billion acquisition of IESI Corporation by BFI Canada Income Fund. William Braithwaite, a member of the firm’s executive committee, is “highly regarded” with experience representing corporations, boards of directors, dealers and institutional shareholders. Simon Romano is a “top-name” with expertise in securities, public and private mergers and acquisitions and corporate finance. Edward Waitzer is “skilful and proficient” in his handling of cases according to one client. In Vancouver, Jonathan Drance has acted as special counsel on merger transactions, public financings and reorganisations. His reputation is “long established”. In Quebec, Jean Marc Huot is active in the areas of securities and mergers and acquisitions, one interviewee stated that he “always gets the job done”.
Blake Cassels & Graydon LLP earns six inclusions. Two lawyers are listed from the firm’s Calgary office, Pat Finnerty is a “leading light” who specialises in public offerings, private placements, joint ventures and public company mergers and acquisitions. Brock Gibson QC, chair of the firm, has experience in corporate finance, private equity and restructuring transactions. He is consistently highly nominated in our research. Based in Vancouver, Bill Sirett is known for his “first-rate” transactional work on behalf of both public and private corporations and investment banking firms. In Toronto, three lawyers are featured. David Jackson, former chairman of the firm, practises in the area of securities law and is known for his “sharp skills”. Ernest McNee, a “proficient” corporate and securities lawyer, acts for issuers and underwriters in numerous public and private debt and equity financings. Michael Gans focuses his practice on Canadian/US cross-border merger and acquisition transactions and is “highly valued” by his clients.
McCarthy Tétrault LLP fields five lawyers for this chapter, highlighting the “resourcefulness” of its capital markets practice. In the Toronto office, Garth Girvan, is praised by his clients for his “sound and well balanced advice”. Alongside him are Rene Sorell, a “definite inclusion”, and Graham Gow, noted for his “business acumen”. Gow acts for corporate issuers of securities as well as underwriters and investors in private placements and public financings. Based in the Vancouver office is the “highly regarded” Richard Balfour who acts for private and public corporations, investment dealers, merchant banks and private equity funds, and Cameron Belsher, a “highflier” with experience acting as lead counsel on public and private equity and debt financings.
Four lawyers from Burnet Duckworth & Palmer LLP in Calgary appear in this chapter. Grant Zawalsky came “highly recommended” in our research, described as a “leading guy” by one interviewee, his focus is on public and private offerings of debt, equity and hybrid securities, and stock exchange listing matters. William Maslechko is a “top guy for capital markets” with a broad client list, including Toronto and TSX Venture Exchange listed companies. Steven Cohen, a “technical lawyer” is counsel to public and private companies and underwriters. Allan Twa QC, a “dean of the securities bar”, counts acting as lead counsel on behalf of ARC Energy Trust as one of his career highlights.
Osler Hoskin & Harcourt LLP fields four capital markets experts. Douglas Marshall, co-chair of the corporate practice group, has expertise in domestic and cross-border public and private offerings of equity and debt and initial public offerings, according to our research he is a “major talent”. Mark DesLauriers is a former Chair of the Securities Advisory Committee, and advised Shoppers Drug Mart Inc on its IPO and subsequent secondary offerings, where the total value of the distribution of securities exceeded $3.8 billion. Jean Fraser, a member of the senior securities advisory group to the chairman of the Ontatio Securities Commission, is an “established name in the capital markets legal field”. Chair of the firm Clay Horner is “widely recognised” for his expertise in financing, alongside his M&A work.
Three lawyers at Davies Ward Phillips & Vineberg LLP are featured. Shawn McReynolds, managing partner of the Toronto office, represents both issuers and underwriters in numerous domestic and international public and private financings and he is “greatly respected” among the bar. Patricia Olasker, a “very active” lawyer in this field, has experience in public market derivatives, structured debt and equity products and high-yield debt financings. Carol Pennycook has a wide range of expertise in capital markets, a field in which she is considered a “leading light” by our interviewees. Her experience covers medium and long-term debt offerings in the capital markets by public and private corporations, and acting as counsel to lenders and bond dealers in bank and capital markets bond and medium term note offerings.
Goodmans LLP fields a strong team of lawyers. Jonathan Lampe, co-chair of the corporate securities group, represents structured and cross-border transactions for Canadian and international issuers, he is a “prominent figure” in the capital markets sector. His co-chair, Stephen Halperin, is a “terrific lawyer”. Stephen Pincus is considered a “trailblazer” in the sector having acted as lead counsel on Canada’s largest ever income securities IPO.
Three lawyers are featured from Norton Rose LLP. Norman Steinberg is chairman of Norton Rose OR, and is “highly praised” for his capital markets work, including initial public offerings in various industry sectors. Francis Legault is national co-chair of the business law group and he acts for both Canadian and international issuers and underwriters in equity and debt financings and initial public offerings. Andrew Fleming has experience in all aspects of securities law, acting for issuers, underwriters and purchasers in Canada, the US and Europe.
Three lawyers are listed from Bennett Jones’ Calgary office. Vice-chair and managing partner of the Calgary office, Perry Spitznagel QC is a “principal practitioner in the province” for capital markets. David Spencer, advises both underwriters and issuers in a range of transactions, among them high-yield financings and MJDS offerings. John Kousinioris has extensive experience in public and private offerings of equity, near equity and debt securities, specialising in the energy sector, and is also co-chair of the firm’s corporate commercial department.
Torys LLP earns three inclusions, all from the Toronto office. James Scarlett is a “strong technical lawyer” and his clients include public companies and investment banks. Sharon Geraghty is a “highly praised” lawyer by peers. Peter Jewett, chair of the firm’s corporate and capital markets practice, is a “respected name” and represented Ivanhoe Mining on its public share offering.
Adam Givertz and Christopher Cummings, recent recruits of Paul Weiss Rifkind Wharton & Garrison LLP, are listed for their cross-border securities work. Givertz has acted in many “significant” debt and equity offerings, including representing Union Agriculture Group in an equity offering. Cummings’ practice specialises in cross-border capital markets, and he represented the underwriters in the initial US bond offering by Manulife Financial.
Robert Paré a partner in the Montréal office of Fasken Martineau DuMoulin LLP, is described as a “brilliant practitioner” in our research, who is “widely respected” by peers. Based in Toronto, Jonathan Levin is “incredibly smart and versatile” with extensive experience in this area.
Borden Ladner Gervais LLP has two listings. Jeff Barnes is a “certain choice” for inclusion according to one interviewee, and the “noteworthy” Shane Freitag in the Toronto office practices in corporate and commercial matters.
Robert Engbloom QC of Macleod Dixon LLP is consistently highly nominated in our research. Based in Calgary, his practise focuses on the natural resources and energy areas and he has a vast knowledge of corporate finance matters, representing both issuers and underwriters. He is known for “taking on the leading cases year after year”. In the Toronto office of Skadden, Arps, Slate, Meagher & Flom LLP, Christopher Morgan has a “highly sophisticated” practice focusing on Canada/US cross-border corporate and securities matters.
Mitchell Gropper QC at Farris Vaughan Wills & Murphy LLP is an “eminent lawyer” whose work includes advising the city of Vancouver on the restructuring of the Olympic village real estate project.
William Jenkins of Fraser Milner Casgrain LLP is a “great transactional lawyer” according to our research and advises corporations, investment dealers and banks in relation to debt and equity structuring and implementation.
At Aird & Berlis LLP, Martin Kovnats has experience in public and private debt and equity financings. His clients include Ralcorp Holdings, Inc and Life Technologies Corporation.
Martin Fingerhut moved to Cassels Brock & Blackwell LLP in February 2001 and he represents clients in commercial finance transactions including domestic and cross-border lending, securitisation, and covered bonds. He was the founding chair of the American Bar Association’s Securitisation and Derivatives Subcommittee, and is chair for a term commencing August 2011.