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GENIVAR Income Fund completes IPO

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On May 25, 2006, GENIVAR Income Fund completed its initial public offering for gross proceeds of $110 million. The offering was made through an underwriting syndicate co-led by National Bank Financial Inc. and TD Securities Inc., and also included BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Raymond James Ltd. and Canaccord Capital Corporation.

Concurrently with the offering, GENIVAR Inc. completed the acquisition of MacViro Holdings Inc., and GENIVAR Limited Partnership entered into a credit agreement with the Bank of Montreal providing for a new senior secured credit facility in the amount of $40 million.

The proceeds of the offering and the exercise of the over-allotment option were used by GENIVAR Income Fund to indirectly acquire a 58.1% limited partnership interest in the engineering services business previously owned and operated by GENIVAR Inc., which included the business of MacViro Holdings Inc. The balance, representing an interest of 41.9%, was retained by GENIVAR Inc.

GENIVAR Income Fund and GENIVAR Inc. were represented by Fasken Martineau. The team on the offering included Robert Paré, Jean-Pierre Chamberland, Frédéric Boucher, Mark Paterson, Gabriel Castiglio and Jean-Michel Lapierre (corporate/securities) and Gilles Carli (tax), the team on the acquisition of MacViro Holdings Inc. included Michel Boislard, Catherine Isabelle and Patricia Gagnon and the team on the new credit facility included Marc Novello, Félix Gutierrez and Andrew Klug.



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