“I think he is great. He is a very smart, very dedicated and very thorough lawyer.”
Market Commentator – Chambers Canada 2019
David advises on a broad range of Canadian and cross-border securities transactions with a focus on capital markets. He has extensive experience representing public and private companies, investment banks and investors on a broad range of transactions, including debt and equity offerings (public and private), restructurings and liability-management transactions, private investments, public mergers and takeover bids. He also counsels public companies and investors on their Canadian securities law obligations. Combining his deep knowledge with a big-picture perspective, David provides his clients with both practical and innovative solutions. In addition, his extensive U.S. experience enables him to successfully bridge differences in securities law and practice between Canada and the U.S.
David joined Davies as a partner in 2006 after eight years practicing U.S. securities laws at a leading New York law firm.
The Pallinghurst Group
Acting as counsel for The Pallinghurst Group, a global metals and mining industry investor, in its proposed equity investment of up to $600 million in Nemaska Lithium Inc. to help fund Nemaska's Whabouchi project in Québec. The proposed financing consists of a $200-million private placement and a $400-million rights offering guaranteed by way of a standby commitment.
Acted as Canadian counsel for TransAlta Corporation to establish a Canadian base shelf prospectus and associated U.S. registration statement registering the sale of up to US$2 billion in securities in the United States under the multijurisdictional disclosure system.
Xplornet Communications Inc.
Acted for Xplornet Communications Inc. in its U.S. and Canadian private placement of US$75 million in high-yield notes.
Rogers Communications Inc.
Acted for Rogers Communications Inc. in its $1-billion public offering of 3.25% senior notes due 2029, issued in Canada. This offering was supported by the largest single-tranche order book on record in Canada.
Rogers Communications Inc.
Acted for Rogers Communications Inc. in its US$1.25-billion public offering of 4.35% senior notes due 2049, issued in the United States under the multijurisdictional disclosure system.
Barclays, BMO Capital Markets, Macquarie Capital and RBC Capital Markets
Acted as Canadian counsel to the initial purchasers, led by Barclays, BMO Capital Markets, Macquarie Capital and RBC Capital Markets, in the private placement of US$600 million of high-yield notes of GFL Environmental Inc.
Acted for TransAlta Corporation in the strategic partnership with Brookfield Renewable Partners and its institutional partners, and the associated $750-million investment by Brookfield in TransAlta to advance TransAlta's transition to clean energy. The investment will occur in two tranches (i) $350 million in the form of exchangeable debentures at first closing expected in May 2019; and (ii) $400 million in the form of redeemable preferred shares at second closing expected in October 2020.
Desjardins Capital Markets, RBC Capital Markets and BMO Capital Markets
Acted for a syndicate of underwriters co-led by Desjardins Capital Markets, RBC Capital Markets and BMO Capital Markets in a US$135-million bought deal public offering of trust units by WPT Industrial REIT.
J.P. Morgan, BofA Merrill Lynch, MUFG and RBC Capital Markets
Acted as Canadian counsel to the initial purchasers, led by J.P. Morgan, BofA Merrill Lynch, MUFG and RBC Capital Markets, in the private placement of US$550 million of high yield notes of a subsidiary of Lions Gate Entertainment Corp.
Barrick Gold Corporation
Acting for Barrick Gold Corporation in its mutual strategic investment agreement with Shandong Gold Group Co., Ltd. and related securities laws matters. Under the agreement, Shandong Gold will purchase up to $300 million of Barrick shares and Barrick will invest an equivalent amount in shares of a publicly listed company controlled by Shandong Gold, in each case, through open market purchases.
OSC Announces Stakeholder Consultation on Burden Reduction
Jan. 16, 2019 - The Ontario Securities Commission (OSC) recently published OSC Staff Notice 11-784: Burden Reduction (OSC Staff Notice 11-784), seeking input from stakeholders on ways to reduce regulatory burden for issuers, registrants, investors and other market participants. OSC Staff Notice 11-784 is...
In the News
New rules will obstruct cross-border capital flows, big institutional investors say – The Globe and Mail
Jan. 14, 2016 - Davies partner David Wilson is quoted in a Globe and Mail article that examines concerns with proposed regulations that would govern how companies can raise money outside of Canada. The article notes that some of Canada’s largest institutional investors say the new regulations “would...
Multijurisdictional Disclosure System: Offering Securities and Reporting in the United States Using MJDS
Sept. 21, 2015 - The multijurisdictional disclosure system (MJDS) permits eligible Canadian issuers to publicly offer securities in the United States by using a prospectus that is prepared principally in accordance with Canadian disclosure requirements. The MJDS also enables these issuers to substantially...
To Buy or Not to Buy: Dealing with a Target’s Bonds
Mar. 20, 2015 - When acquiring a Canadian public company, there is no one-size-fits-all approach to dealing with its outstanding bonds. Generally speaking, the decision whether to repurchase the target’s bonds is not entirely within an acquirer’s control. Corporate bonds – whether Canadian or U.S. – typically...
Whopper of a Deal with a Double-Double Take on the Canadian Exchangeable Share Structure
Feb. 25, 2015 - The most talked about Canadian deal of 2014 was Burger King’s acquisition of Tim Hortons. This deal made headlines because of its size, its iconic players and the mark that the combined Canadian company, Restaurant Brands International (now commonly referred to by its ticker symbol QSR), would make...
Chambers Global: The World’s Leading Lawyers for Business—Capital Markets: Debt and Equity
Chambers Canada: Canada’s Leading Lawyers for Business—Capital Markets (Nationwide)
IFLR1000: The Guide to the World’s Leading Financial Law Firms—Capital Markets: Debt; Mergers & Acquisitions
The Legal 500 Canada—Capital Markets (Leading Lawyer)
The Canadian Legal Lexpert Directory—Corporate Finance and Securities