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ARTICLE · 07 SEPTEMBER 2005

Transformational US Acquisitions by Canadian Income Funds:

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A new category of securities is taking shape that adapts the Canadian income fund structure for application to US businesses.

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Article by Philip Brown, Richard Willoughby and Alexandra Kau

I. Cross-Border Income Securities: Then and Now

A new category of securities is taking shape that adapts the Canadian income fund structure for application to US businesses. This category, which the authors refer to as cross-border income securities, has seen evolutionary waves, including crossborder income funds, Income Deposit Securities (IDSs), or Enhanced Income Securities, and Income Participating Securities (IPSs)—and now perhaps a next wave in the form of transformational US acquisitions by Canadian income funds.

Two such deals recently closed. In April 2004, Connors Bros. Income Fund completed its C$800 million combination transaction with Bumble Bee Seafoods, and in January 2005, BFI Canada Income Fund closed a C$1.1 billion transaction that combined its business with that of IESI Corporation, a leading non-hazardous waste management company in the United States. In these transformational M&A transactions, the

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