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Client Work

Operating subsidiaries of PBB Global Logistics Income Fund obtain US$145 million financing

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Confidential Clients

Pursuant to a credit agreement entered into as of August 31, 2005, the operating subsidiaries of PBB Global Logistics Income Fund, namely, PBB Global Logistics Inc., PBB Global Logistics, Inc. and PBB Global Logistics Limited Partnership refinanced their bank debt and obtained $145 million in credit facilities (consisting of a $40 million term facility, a $70 million revolving facility and a $35 million bridge facility) from a group of financial institutions comprised of National Bank of Canada, Caisse de dépôt et placement du Québec and Canadian Imperial Bank of Commerce, the latter of which acted as agent for the banking syndicate. The credit facilities are fully secured, with the income fund, the borrowers and their respective subsidiaries granting security throughout Canada and the U.S. Of the $145 million in facilities, PBB Global Logistics Limited Partnership used $52.8 million (consisting of a purchase price of $35 million and a payment of $17.8 million for working capital) in order to complete the acquisition of M&C International Trade from subsidiaries of TransForce Income Fund on September 2, 2005. Prior to its acquisition of M&C International Trade, PBB Global Logistics Income Fund's group of companies was already a leading North American provider of customs brokerage and third-party logistics services that ensured, on behalf of 5600 customers, the movement of goods across North America and around the world. Founded in 1946, the group had approximately 1300 employees in over 80 offices across Canada and the U.S. Established in 1913, the newly acquired M&C International Trade adds 20 offices to the group including approximately 200 employees across Canada, with a strong presence in Western Canada and services being provided to over 4000 customers. David Lemieux, Felix Gutierrez and Patrick Daneau, of the Montréal office of Fasken Martineau DuMoulin LLP, and David Johnson of the Toronto office, represented the lending syndicate.



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