The Canam Manac Group Inc. completed on April 23, 2003, back-to-back financings totaling $127,000,000. Canam Manac secured a $100,000,000 credit facility with a bank syndicate composed of National Bank of Canada, the Royal Bank of Canada and La Caisse Centrale Desjardins du Québec as well as a $27,000,000 public offering 9.25% convertible unsecured subordinate debentures due 2008 pursuant to an underwriting agreement with BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominion Securities Inc. and Desjardins Securities Inc.

Both transactions were led by Louis Guertin, Vice-president, Legal Affairs and Secretary of Canam Manac assisted by in-house counsel Normand Girard. External counsel to Canam in both transactions was Fasken Martineau (Montreal office). The public offering of debentures involved a team comprised of Yvon Martineau, Gilles Leclerc, Jean-Pierre Chamberland, Jocelyn Lafond and François-Bernard Poulin. The bank financing was led by Marc Novello assisted by Martin Racicot.