2009
Timberwest Forest Corp.
PIPE Investment
We represented British Columbia Investment Management Corporation (“bcIMC”) in its $100 million investment in TimberWest Forest Corp. for a 25% equity interest which closed February 11, 2009. bcIMC also backstopped a concurrent rights offering for $50 million. The investment was made in 9% convertible debentures which convert at the holder’s option into stapled units at $3.50 per stapled unit. The stapled units are listed on The Toronto Stock Exchange and are a bundled security including common shares, preferred share and variable rate notes.
TimberWest is Western Canada’s largest private land management company and is engaged in timber harvesting and real estate development.