On February 24, 2005, Ontario Strategic Infrastructure Financing Authority (OSIFA) completed its inaugural offering of Infrastructure Renewal Bonds (IRBs).  The inaugural offering consisted of $650,000,000 aggregate principal amount of 4.6% Infrastructure Renewal Bonds Series A-1, due June 1, 2015.  OSIFA exists for the purpose of providing, and the net proceeds of the offering will be used to provide, infrastructure financing for municipalities of the province of Ontario and other Ontario public bodies.  The IRBs have been assigned long-term credit ratings of AA by Dominion Bond Rating Service Limited, Aa2 by Moody's Investors Services Inc. and AA+ by Standard & Poor's Ratings Service.

OSIFA was represented in house by Dermot Muir, General Counsel, and Navin Katyal, Legal Counsel.  OSIFA was also represented by Carol Pennycook and Steven Harris (securities) and John Zinn (tax) of Davies Ward Phillips & Vineberg LLP.  The underwriting syndicate was led by BMO Nesbitt Burns Inc. and included CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc., The Toronto-Dominion Bank., Merrill Lynch Canada Inc., National Bank Financial Inc., Casgrain & Company Limited, Laurentian Bank Securities, Canaccord Capital Corporation and Desjardins Securities Inc.