James R. Reid

Partner

James Reid

James R. Reid

Partner

Bar Admissions
  • Ontario, 1998

“Nothing short of wonderful – very, very practical and goal-oriented.” (Client – Chambers Canada 2018)

Clients turn to Jim for his strategic and insightful approach to their critical matters – whether capital markets financings, public mergers or private acquisitions. His business-minded approach adds value on complex transactions.

Jim advises clients on a broad range of transactions, including public offerings of equity and debt, and the sale and acquisition of public and private companies. He has particular expertise in the real estate and energy sectors.

Large, sophisticated clients value Jim’s ongoing advice. Fortis Inc. has relied on his experience and judgment for all its mergers and acquisitions, and capital markets transactions. Highly regarded for his technically sound and creative solutions, Jim achieves great success for clients in transformative financings – both Canadian and cross-border.

Jim is an adjunct professor at Osgoode Hall Law School, where he teaches the Advanced Business Law Workshop on mergers and acquisitions and corporate finance.

James R. Reid

Partner

“Nothing short of wonderful – very, very practical and goal-oriented.” (Client – Chambers Canada 2018)

Clients turn to Jim for his strategic and insightful approach to their critical matters – whether capital markets financings, public mergers or private acquisitions. His business-minded approach adds value on complex transactions.

Jim advises clients on a broad range of transactions, including public offerings of equity and debt, and the sale and acquisition of public and private companies. He has particular expertise in the real estate and energy sectors.

Large, sophisticated clients value Jim’s ongoing advice. Fortis Inc. has relied on his experience and judgment for all its mergers and acquisitions, and capital markets transactions. Highly regarded for his technically sound and creative solutions, Jim achieves great success for clients in transformative financings – both Canadian and cross-border.

Jim is an adjunct professor at Osgoode Hall Law School, where he teaches the Advanced Business Law Workshop on mergers and acquisitions and corporate finance.

Fortis Inc.

Acted for Fortis Inc. in connection with its issuance of an aggregate principal amount of approximately US$2 billion of registered notes in exchange for notes previously issued to U.S. investors on a private placement basis. The new notes issued as a result of the exchange offer were qualified by a prospectus supplement under a cross-border shelf prospectus filed under the multi-jurisdictional disclosure system.

Desjardins Capital Markets, CIBC Capital Markets and RBC Capital Markets

Acted for a syndicate of underwriters co-led by Desjardins Capital Markets, CIBC Capital Markets and RBC Capital Markets on a US$126.6-million bought deal treasury and secondary public offering of trust units of WPT Industrial REIT.

Desjardins Capital Markets and National Bank Financial

Acted for a syndicate of underwriters co-led by Desjardins Capital Markets and National Bank Financial on a $55-million bought deal public offering of trust units of Nexus REIT and a concurrent private placement of $15 million.

Merrill Lynch Canada Inc., HSBC Securities (Canada) Inc. and TD Securities Inc.

Acted for a syndicate of underwriters, comprising Merrill Lynch Canada Inc., HSBC Securities (Canada) Inc. and TD Securities Inc., in connection with the offering by United Parcel Services, Inc., of $750 million of 2.125% notes due 2024.

Fortis Inc.

Acted for Fortis Inc. in connection with its $500-million direct registered offering of common shares to a U.S. institutional investor. The shares were sold pursuant to a cross-border shelf prospectus filed by Fortis under the multi-jurisdictional disclosure system.

Fortis Inc.

Acted for Fortis Inc. in its $500-million public offering, by way of prospectus supplement, of 2.85% senior unsecured notes due 2023. Fortis established its first cross-border shelf prospectus on November 30, 2016, using the multijurisdictional disclosure system.

BMO Capital Markets and CIBC World Markets Inc.

Acted for a syndicate of underwriters co-led by BMO Capital Markets and CIBC World Markets Inc. in connection with a $193-million bought deal public offering of trust units of Milestone Apartments Real Estate Investment Trust. The REIT intends to use the proceeds from the offering to fund a portion of the purchase price for its US$242-million acquisition of a portfolio of six multi-family properties.

Fortis Inc.

Acted for Fortis Inc. in its US$2 billion notes offering under Rule 144A with registration rights in the United States. The net proceeds were used to finance a portion of the cash consideration for the previously announced acquisition of ITC Holdings Corp.

DAK Americas LLC

Acted for DAK Americas LLC, a producer of PET (polyethylene terephthalate) resins, in connection with its acquisition of a controlling interest in Selenis Canada from IMG Group. Selenis Canada operates a PET plant in Montréal.

Fortis Inc.

Acted for Fortis Inc. in the US$1.2-billion sale of a 19.9% interest in ITC Holdings Corp. to GIC, a sovereign wealth fund of the Government of Singapore.

Desjardins Securities Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc.

Acted for a syndicate of underwriters led by Desjardins Securities Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc. in connection with a US$69 million bought deal public offering of trust units issued by WPT Industrial REIT.

BMO Capital Markets and CIBC World Markets Inc.

Acted for a syndicate of underwriters co-led by BMO Capital Markets and CIBC World Markets Inc. in connection with a $181.5-million secondary bought deal public offering of trust units of Milestone Apartments Real Estate Investment Trust.

Fortis Inc.

Acted for Fortis Inc. in connection with its US$11.3-billion acquisition of Novi, Michigan-based ITC Holdings Corp., the largest independent electric transmission company in the United States.

BMO Capital Markets and CIBC World Markets Inc.

Acted for a syndicate of underwriters co-led by BMO Capital Markets and CIBC World Markets Inc. in connection with a $143.9-million bought deal offering of subscription receipts of Milestone Apartments Real Estate Investment Trust. The proceeds from the offering were used to fund part of the purchase price for Milestone's $502-million acquisition of 15 properties from Landmark Apartment Trust, Inc.

Fortis Inc.

Acted for Fortis Inc. in connection with its sale to Energy Ottawa Inc. of 10 run-of-river hydroelectric facilities located in Ontario and New York State representing 31 megawatts of installed operating capacity.

Fortis Inc.

Acted for Fortis Inc. and Fortis Properties Corporation (FPC) in connection with the sale by FPC of its hotel portfolio to a private investor group for $365 million. The hotel portfolio is comprised of 22 hotels located in seven Canadian provinces.

Fortis Inc.

Acted for Fortis Inc. (Fortis) and Fortis Properties Corporation (FPC) in connection with the sale by FPC of its commercial real estate portfolio to Slate Office REIT for $430 million.  The portfolio comprises 2.8 million square feet of leasable space located in Newfoundland, New Brunswick and Nova Scotia and includes the Delta Brunswick hotel in Saint John.  Davies also acted for Fortis in connection with its related $35 million investment in trust units of Slate Office REIT.

BMO Nesbitt Burns Inc. and CIBC World Markets Inc.

Acted for a syndicate of underwriters co-led by BMO Nesbitt Burns Inc. and CIBC World Markets Inc. in connection with the $125-million bought deal treasury and secondary offering of trust units of Milestone Apartments Real Estate Investment Trust.

Alfa S.A.B. de C.V.

Acted for Alfa S.A.B. de C.V. in connection with its proposed acquisition, with Harbour Energy Ltd., of all of the outstanding common shares of Pacific Rubiales Energy Corp. for an all-cash purchase price of approximately $1.7 billion, plus the assumption of approximately $5 billion in debt. The acquisition was structured as a plan of arrangement under the Business Corporations Act (British Columbia).

RBC Dominion Securities and CIBC World Markets

Acted in Canada and the U.S. for a syndicate of underwriters led by RBC Dominion Securities and CIBC World Markets in connection with a US$46.5-million bought deal public offering of trust units of WPT Industrial REIT, the net proceeds from which were used to partially fund the acquisition of six industrial properties in the U.S.

Cadillac Fairview Corporation Limited

Acted for Cadillac Fairview Corporation Limited in connection with the sale by its affiliate of a 50%-interest in The Thomas More Square Estate, a 4.2-acre office building complex in London, United Kingdom. The sale was made to Land Securities Group PLC, which already owned the other 50% interest, for a price of £89.1 million.

BMO Nesbitt Burns Inc. and CIBC World Markets Inc.

Acted for a syndicate of underwriters co-led by BMO Nesbitt Burns Inc. and CIBC World Markets Inc. in connection with the $115-million bought deal public offering of trust units of Milestone Apartments Real Estate Investment Trust.

Fortis Inc.

Acted for Fortis Inc. in its $600-million bought deal public offering of Series M first preference shares, one of the largest preferred share offerings in Canadian history. The net proceeds were used to repay borrowings incurred to fund the US$2.5-billion cash purchase price paid to acquire UNS Energy Corporation, an Arizona-based utility engaged in the regulated electric generation and energy delivery business.

BMO Nesbitt Burns and National Bank Financial

Acted for a syndicate of underwriters led by BMO Nesbitt Burns and National Bank Financial in connection with a $75-million public offering of trust units of HealthLease Properties REIT.

BMO Nesbitt Burns Inc. and CIBC World Markets Inc.

Acted for a syndicate of underwriters led by BMO Nesbitt Burns Inc. and CIBC World Markets Inc. in connection with the $69.1-million bought deal public offering of trust units of Milestone Apartments Real Estate Investment Trust.

RBC Dominion Securities and CIBC World Markets

Acted in Canada and the U.S. for a syndicate of underwriters led by RBC Dominion Securities and CIBC World Markets in connection with a US$32-million bought deal public offering of trust units of WPT Industrial REIT.

InnVest Real Estate Investment Trust

Acted for the Special Committee of InnVest Real Estate Investment Trust in connection with the request of Orange Capital, LLC for a special meeting of unitholders and the settlement entered into among InnVest, Orange Capital and certain other unitholders.

Fortis Inc.

Acted for Fortis Inc. in its $1.8-billion offering of convertible debentures represented by instalment receipts. The net proceeds from this offering are being used indirectly to partially finance the US$2.5-billion cash purchase price paid by Fortis to acquire UNS Energy Corporation, an Arizona-based integrated utility services holding company. The offering marked the first time in almost two decades that debentures were sold using an instalment receipt structure.

BMO Capital Markets

Acted for a syndicate of underwriters led by BMO Capital Markets in connection with HealthLease Properties Real Estate Investment Trust's bought deal public offering of $50-million aggregate principal amount of 5.75% convertible unsecured subordinated debentures due November 30, 2018.

Fortis Inc.

Acted for Fortis Inc. in connection with its $250-million bought deal public offering of series K first preference shares.

BMO Nesbitt Burns and Canaccord Genuity

Acted for a syndicate of underwriters led by BMO Nesbitt Burns and Canaccord Genuity in connection with a $69-million public offering of trust units of HealthLease Properties Real Estate Investment Trust, the net proceeds from which will be used to partially fund the acquisition of senior housing and care facilities in the United States and Canada.

CIBC World Markets and RBC Dominion Securities

Acted in Canada and the U.S. for a syndicate of underwriters led by CIBC World Markets and RBC Dominion Securities in connection with the $114 million initial public offering of WPT Industrial REIT, Canada's only REIT focused exclusively on the U.S. industrial real estate sector.

Canaccord Genuity and National Bank Financial

Acted for a syndicate of underwriters led by Canaccord Genuity and National Bank Financial in connection with a $69-million public offering of trust units of HealthLease Properties Real Estate Investment Trust, the net proceeds from which were used to partially fund the acquisition of 13 senior housing and care facilities located in North Carolina, Pennsylvania and Virginia.

Plazacorp Retail Properties Ltd.

Acted for Plazacorp Retail Properties Ltd. in its negotiated takeover bid of KEYreit for approximately $119 million and graduation from the TSX Venture Exchange to the Toronto Stock Exchange. Plazacorp's bid for KEYreit defeated an unsolicited takeover bid for KEYreit by Huntingdon Capital Corp.

BMO Nesbitt Burns Inc. and CIBC World Markets Inc.

Acted for a syndicate of underwriters led by BMO Nesbitt Burns Inc. and CIBC World Markets Inc. in connection with the $228-million initial public offering of Milestone Apartments Real Estate Investment Trust, the first IPO in the world of a qualifying U.S. REIT by a non-U.S. entity.

Fortis Inc.

Acted for Fortis Inc. in connection with its $200 million bought deal public offering of Series J first preference shares.

Royal Canadian Mint

Acted for the Royal Canadian Mint in connection with its $100 million initial public offering of exchange-traded receipts under its Canadian Silver Reserves program.

Fortis Inc.

Acted for Fortis Inc. in its $601 million bought deal public offering of subscription receipts. The net proceeds were used to finance a portion of the acquisition of CH Energy Group, Inc., a New York-based regulated transmission and distribution utility.

Russel Metals Inc.

Acted for Russel Metals Inc. in its $300-million bought deal private placement of high yield notes due April 19, 2022.

Canaccord Genuity & National Bank Financial

Acted for a syndicate of underwriters led by Canaccord Genuity and National Bank Financial in connection with the $121-million initial public offering of HealthLease Properties Real Estate Investment Trust.

Algoma Power Inc.

Acted for Algoma Power Inc., a subsidiary of FortisOntario Inc., in its private placement of $52 million of senior unsecured notes.

JP Morgan Securities LLC

Acted as Canadian counsel for JP Morgan Securities LLC and a syndicate of investment dealers in the US$200-million private placement by Lions Gate Entertainment Inc. of secured second-priority notes due 2016.

The Royal Canadian Mint

Acted for The Royal Canadian Mint in its $600-million initial public offering of exchange-traded receipts under the Mint's new Canadian Gold Reserves program. This innovative offering was made in accordance with exemptive relief from the prospectus requirement and provides investors with direct ownership in physical gold held at the Mint's facilities.

Fortis Inc.

Acted for Fortis Inc. in its $341-million bought deal public offering of common shares.

Birch Hill Equity Partners

Acted for Birch Hill Equity Partners in the sale of Marsulex Inc. to Chemtrade Logistics Income Fund in a deal valued at US$419.5 million.

Cadillac Fairview Finance Trust

Acted for Cadillac Fairview Finance Trust, an affiliate of Ontario Teachers' Pension Plan Board, in its private placement of $600-million aggregate principal amount of Series C Debentures due 2018.

Cadillac Fairview Finance Trust

Acted for Cadillac Fairview Finance Trust, an affiliate of Ontario Teachers' Pension Plan Board, in its private placement of $1.25 billion principal amount of 3.24% Series A Debentures due 2016 and $750 million principal amount of 4.31% Series B Debentures due January 25, 2021.

Pattern Energy Group LP

Acted for Pattern Energy Group LP in the establishment of its joint venture with an affiliate of Samsung C&T Corporation. The joint venture was formed to develop and operate up to 2,000 MW of wind power generation projects under the Ontario Feed-in Tariff Program and Samsung's Green Energy Investment Agreement with the Government of Ontario. The Green Energy Investment Agreement represents the largest initiative of its kind in the world. Up to 600 MW of wind turbines will be supplied to the Pattern-Samsung joint venture by Siemens Canada, which built Ontario's first blade factory to meet this demand.

Guide

Canadian Capital Markets Report 2017: Looking Back, Looking Ahead

Mar. 31, 2017 - Canadian capital markets in 2016 were turbulent and unpredictable, to say the least. Factors that contributed to shaky investor confidence included the unprecedented British vote to exit the European Union, the hard fought and (to some) surprising result of the U.S. presidential election, a...

Bulletin

Public Company Disclosure in the Age of Social Media: A Canadian Perspective

Mar. 14, 2017 - Could your company’s next tweet or post violate Canadian securities rules? The answer may be yes, according to a Canadian Securities Administrators (CSA) report on a review of social media practices conducted by the regulatory authorities in Alberta, Ontario and Québec. Businesses are increasingly...

Speaking Engagement

Canadian Electricity Association, “Cross-Border M&A in the Electric Utility Sector”; Toronto, ON

Oct. 27, 2016

Speaking Engagement

BMO Capital Markets, “Due Diligence for Capital Markets Transactions”; Calgary, AB

May 18, 2016

In the News

Bought Deals in Canada Still Healthy Despite Choppy Market – Lexpert

Apr. 14, 2016 - In a Lexpert article examining why “bought deal” structures remain popular in Canada despite uncertain market conditions, Davies partner Jim Reid discusses why these deals are attractive to issuers, and managing partner Shawn McReynolds explains why the development of bought deals in...

Guide

2016 Canadian Capital Markets Report: Looking Back, Looking Ahead

Mar. 09, 2016 - The past year was a roller coaster of a year for Canadian capital markets, beginning much how it ended – with a devalued Canadian dollar, lower interest rates in Canada and a shift in regional growth from the west to central Canada. Against the background of these market realities, the focus of ...

Speaking Engagement

Federated Press, Preparing the MD&A course, “Objective and Evolution of MD&A Requirements: Underlying Principles and Goals”; Toronto, ON

Sept. 17, 2015

Bulletin

OSC Provides New Guidance on Disclosure Regarding REIT Distributions

Jan. 27, 2015 - The Ontario Securities Commission has conducted a review of the disclosure of selected Real Estate Investment Trusts (REITs), and on January 26, 2015 published OSC Staff Notice 51-724 – Report on Staff’s Review of REIT Distributions Disclosure. The Notice identifies four areas in which the...

Bulletin

New Guidance to Codify Underwriting Due Diligence Best Practices

Mar. 06, 2014 - The Investment Industry Regulatory Organization of Canada, or IIROC, published today proposed guidance on underwriting due diligence for public offerings. The guidance, while largely reflecting current best practices, represents an attempt to promote consistency and enhanced standards among...

Chambers Canada: Canada’s Leading Lawyers for Business—REITs

IFLR1000: The Guide to the World’s Leading Financial Law Firms—Capital Markets: Debt; Capital Markets: Equity

The Legal 500 Canada—Capital Markets (Recommended); Corporate and M&A (Recommended)

Report on Business/Lexpert Special Edition Canada’s Leading Energy Lawyers

The Canadian Legal Lexpert Directory—Corporate Finance and Securities; Corporate Commercial Law

The Best Lawyers in Canada—Mergers and Acquisitions Law

Lexpert Rising Stars: Leading Lawyers Under 40

Bar Admissions

Ontario, 1998

Education

Peter A. Allard School of Law, University of British Columbia, LLB, 1996
McGill University, BA (Political Science), 1992

Community Involvement

University of British Columbia, National Centre for Business Law, Dean’s Advisory Committee

Teaching Engagements

Jim is an adjunct professor at Osgoode Hall Law School, where he teaches the Advanced Business Law Workshop on the topics of mergers and acquisitions and corporate finance. He has also been a guest lecturer in corporate finance at the University of British Columbia.

“Nothing short of wonderful – very, very practical and goal-oriented.” (Client – Chambers Canada 2018)

Clients turn to Jim for his strategic and insightful approach to their critical matters – whether capital markets financings, public mergers or private acquisitions. His business-minded approach adds value on complex transactions.

Jim advises clients on a broad range of transactions, including public offerings of equity and debt, and the sale and acquisition of public and private companies. He has particular expertise in the real estate and energy sectors.

Large, sophisticated clients value Jim’s ongoing advice. Fortis Inc. has relied on his experience and judgment for all its mergers and acquisitions, and capital markets transactions. Highly regarded for his technically sound and creative solutions, Jim achieves great success for clients in transformative financings – both Canadian and cross-border.

Jim is an adjunct professor at Osgoode Hall Law School, where he teaches the Advanced Business Law Workshop on mergers and acquisitions and corporate finance.

Fortis Inc.

Acted for Fortis Inc. in connection with its issuance of an aggregate principal amount of approximately US$2 billion of registered notes in exchange for notes previously issued to U.S. investors on a private placement basis. The new notes issued as a result of the exchange offer were qualified by a prospectus supplement under a cross-border shelf prospectus filed under the multi-jurisdictional disclosure system.

Desjardins Capital Markets, CIBC Capital Markets and RBC Capital Markets

Acted for a syndicate of underwriters co-led by Desjardins Capital Markets, CIBC Capital Markets and RBC Capital Markets on a US$126.6-million bought deal treasury and secondary public offering of trust units of WPT Industrial REIT.

Desjardins Capital Markets and National Bank Financial

Acted for a syndicate of underwriters co-led by Desjardins Capital Markets and National Bank Financial on a $55-million bought deal public offering of trust units of Nexus REIT and a concurrent private placement of $15 million.

Merrill Lynch Canada Inc., HSBC Securities (Canada) Inc. and TD Securities Inc.

Acted for a syndicate of underwriters, comprising Merrill Lynch Canada Inc., HSBC Securities (Canada) Inc. and TD Securities Inc., in connection with the offering by United Parcel Services, Inc., of $750 million of 2.125% notes due 2024.

Fortis Inc.

Acted for Fortis Inc. in connection with its $500-million direct registered offering of common shares to a U.S. institutional investor. The shares were sold pursuant to a cross-border shelf prospectus filed by Fortis under the multi-jurisdictional disclosure system.

Fortis Inc.

Acted for Fortis Inc. in its $500-million public offering, by way of prospectus supplement, of 2.85% senior unsecured notes due 2023. Fortis established its first cross-border shelf prospectus on November 30, 2016, using the multijurisdictional disclosure system.

BMO Capital Markets and CIBC World Markets Inc.

Acted for a syndicate of underwriters co-led by BMO Capital Markets and CIBC World Markets Inc. in connection with a $193-million bought deal public offering of trust units of Milestone Apartments Real Estate Investment Trust. The REIT intends to use the proceeds from the offering to fund a portion of the purchase price for its US$242-million acquisition of a portfolio of six multi-family properties.

Fortis Inc.

Acted for Fortis Inc. in its US$2 billion notes offering under Rule 144A with registration rights in the United States. The net proceeds were used to finance a portion of the cash consideration for the previously announced acquisition of ITC Holdings Corp.

DAK Americas LLC

Acted for DAK Americas LLC, a producer of PET (polyethylene terephthalate) resins, in connection with its acquisition of a controlling interest in Selenis Canada from IMG Group. Selenis Canada operates a PET plant in Montréal.

Fortis Inc.

Acted for Fortis Inc. in the US$1.2-billion sale of a 19.9% interest in ITC Holdings Corp. to GIC, a sovereign wealth fund of the Government of Singapore.

Desjardins Securities Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc.

Acted for a syndicate of underwriters led by Desjardins Securities Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc. in connection with a US$69 million bought deal public offering of trust units issued by WPT Industrial REIT.

BMO Capital Markets and CIBC World Markets Inc.

Acted for a syndicate of underwriters co-led by BMO Capital Markets and CIBC World Markets Inc. in connection with a $181.5-million secondary bought deal public offering of trust units of Milestone Apartments Real Estate Investment Trust.

Fortis Inc.

Acted for Fortis Inc. in connection with its US$11.3-billion acquisition of Novi, Michigan-based ITC Holdings Corp., the largest independent electric transmission company in the United States.

BMO Capital Markets and CIBC World Markets Inc.

Acted for a syndicate of underwriters co-led by BMO Capital Markets and CIBC World Markets Inc. in connection with a $143.9-million bought deal offering of subscription receipts of Milestone Apartments Real Estate Investment Trust. The proceeds from the offering were used to fund part of the purchase price for Milestone's $502-million acquisition of 15 properties from Landmark Apartment Trust, Inc.

Fortis Inc.

Acted for Fortis Inc. in connection with its sale to Energy Ottawa Inc. of 10 run-of-river hydroelectric facilities located in Ontario and New York State representing 31 megawatts of installed operating capacity.

Fortis Inc.

Acted for Fortis Inc. and Fortis Properties Corporation (FPC) in connection with the sale by FPC of its hotel portfolio to a private investor group for $365 million. The hotel portfolio is comprised of 22 hotels located in seven Canadian provinces.

Fortis Inc.

Acted for Fortis Inc. (Fortis) and Fortis Properties Corporation (FPC) in connection with the sale by FPC of its commercial real estate portfolio to Slate Office REIT for $430 million.  The portfolio comprises 2.8 million square feet of leasable space located in Newfoundland, New Brunswick and Nova Scotia and includes the Delta Brunswick hotel in Saint John.  Davies also acted for Fortis in connection with its related $35 million investment in trust units of Slate Office REIT.

BMO Nesbitt Burns Inc. and CIBC World Markets Inc.

Acted for a syndicate of underwriters co-led by BMO Nesbitt Burns Inc. and CIBC World Markets Inc. in connection with the $125-million bought deal treasury and secondary offering of trust units of Milestone Apartments Real Estate Investment Trust.

Alfa S.A.B. de C.V.

Acted for Alfa S.A.B. de C.V. in connection with its proposed acquisition, with Harbour Energy Ltd., of all of the outstanding common shares of Pacific Rubiales Energy Corp. for an all-cash purchase price of approximately $1.7 billion, plus the assumption of approximately $5 billion in debt. The acquisition was structured as a plan of arrangement under the Business Corporations Act (British Columbia).

RBC Dominion Securities and CIBC World Markets

Acted in Canada and the U.S. for a syndicate of underwriters led by RBC Dominion Securities and CIBC World Markets in connection with a US$46.5-million bought deal public offering of trust units of WPT Industrial REIT, the net proceeds from which were used to partially fund the acquisition of six industrial properties in the U.S.

Cadillac Fairview Corporation Limited

Acted for Cadillac Fairview Corporation Limited in connection with the sale by its affiliate of a 50%-interest in The Thomas More Square Estate, a 4.2-acre office building complex in London, United Kingdom. The sale was made to Land Securities Group PLC, which already owned the other 50% interest, for a price of £89.1 million.

BMO Nesbitt Burns Inc. and CIBC World Markets Inc.

Acted for a syndicate of underwriters co-led by BMO Nesbitt Burns Inc. and CIBC World Markets Inc. in connection with the $115-million bought deal public offering of trust units of Milestone Apartments Real Estate Investment Trust.

Fortis Inc.

Acted for Fortis Inc. in its $600-million bought deal public offering of Series M first preference shares, one of the largest preferred share offerings in Canadian history. The net proceeds were used to repay borrowings incurred to fund the US$2.5-billion cash purchase price paid to acquire UNS Energy Corporation, an Arizona-based utility engaged in the regulated electric generation and energy delivery business.

BMO Nesbitt Burns and National Bank Financial

Acted for a syndicate of underwriters led by BMO Nesbitt Burns and National Bank Financial in connection with a $75-million public offering of trust units of HealthLease Properties REIT.

BMO Nesbitt Burns Inc. and CIBC World Markets Inc.

Acted for a syndicate of underwriters led by BMO Nesbitt Burns Inc. and CIBC World Markets Inc. in connection with the $69.1-million bought deal public offering of trust units of Milestone Apartments Real Estate Investment Trust.

RBC Dominion Securities and CIBC World Markets

Acted in Canada and the U.S. for a syndicate of underwriters led by RBC Dominion Securities and CIBC World Markets in connection with a US$32-million bought deal public offering of trust units of WPT Industrial REIT.

InnVest Real Estate Investment Trust

Acted for the Special Committee of InnVest Real Estate Investment Trust in connection with the request of Orange Capital, LLC for a special meeting of unitholders and the settlement entered into among InnVest, Orange Capital and certain other unitholders.

Fortis Inc.

Acted for Fortis Inc. in its $1.8-billion offering of convertible debentures represented by instalment receipts. The net proceeds from this offering are being used indirectly to partially finance the US$2.5-billion cash purchase price paid by Fortis to acquire UNS Energy Corporation, an Arizona-based integrated utility services holding company. The offering marked the first time in almost two decades that debentures were sold using an instalment receipt structure.

BMO Capital Markets

Acted for a syndicate of underwriters led by BMO Capital Markets in connection with HealthLease Properties Real Estate Investment Trust's bought deal public offering of $50-million aggregate principal amount of 5.75% convertible unsecured subordinated debentures due November 30, 2018.

Fortis Inc.

Acted for Fortis Inc. in connection with its $250-million bought deal public offering of series K first preference shares.

BMO Nesbitt Burns and Canaccord Genuity

Acted for a syndicate of underwriters led by BMO Nesbitt Burns and Canaccord Genuity in connection with a $69-million public offering of trust units of HealthLease Properties Real Estate Investment Trust, the net proceeds from which will be used to partially fund the acquisition of senior housing and care facilities in the United States and Canada.

CIBC World Markets and RBC Dominion Securities

Acted in Canada and the U.S. for a syndicate of underwriters led by CIBC World Markets and RBC Dominion Securities in connection with the $114 million initial public offering of WPT Industrial REIT, Canada's only REIT focused exclusively on the U.S. industrial real estate sector.

Canaccord Genuity and National Bank Financial

Acted for a syndicate of underwriters led by Canaccord Genuity and National Bank Financial in connection with a $69-million public offering of trust units of HealthLease Properties Real Estate Investment Trust, the net proceeds from which were used to partially fund the acquisition of 13 senior housing and care facilities located in North Carolina, Pennsylvania and Virginia.

Plazacorp Retail Properties Ltd.

Acted for Plazacorp Retail Properties Ltd. in its negotiated takeover bid of KEYreit for approximately $119 million and graduation from the TSX Venture Exchange to the Toronto Stock Exchange. Plazacorp's bid for KEYreit defeated an unsolicited takeover bid for KEYreit by Huntingdon Capital Corp.

BMO Nesbitt Burns Inc. and CIBC World Markets Inc.

Acted for a syndicate of underwriters led by BMO Nesbitt Burns Inc. and CIBC World Markets Inc. in connection with the $228-million initial public offering of Milestone Apartments Real Estate Investment Trust, the first IPO in the world of a qualifying U.S. REIT by a non-U.S. entity.

Fortis Inc.

Acted for Fortis Inc. in connection with its $200 million bought deal public offering of Series J first preference shares.

Royal Canadian Mint

Acted for the Royal Canadian Mint in connection with its $100 million initial public offering of exchange-traded receipts under its Canadian Silver Reserves program.

Fortis Inc.

Acted for Fortis Inc. in its $601 million bought deal public offering of subscription receipts. The net proceeds were used to finance a portion of the acquisition of CH Energy Group, Inc., a New York-based regulated transmission and distribution utility.

Russel Metals Inc.

Acted for Russel Metals Inc. in its $300-million bought deal private placement of high yield notes due April 19, 2022.

Canaccord Genuity & National Bank Financial

Acted for a syndicate of underwriters led by Canaccord Genuity and National Bank Financial in connection with the $121-million initial public offering of HealthLease Properties Real Estate Investment Trust.

Algoma Power Inc.

Acted for Algoma Power Inc., a subsidiary of FortisOntario Inc., in its private placement of $52 million of senior unsecured notes.

JP Morgan Securities LLC

Acted as Canadian counsel for JP Morgan Securities LLC and a syndicate of investment dealers in the US$200-million private placement by Lions Gate Entertainment Inc. of secured second-priority notes due 2016.

The Royal Canadian Mint

Acted for The Royal Canadian Mint in its $600-million initial public offering of exchange-traded receipts under the Mint's new Canadian Gold Reserves program. This innovative offering was made in accordance with exemptive relief from the prospectus requirement and provides investors with direct ownership in physical gold held at the Mint's facilities.

Fortis Inc.

Acted for Fortis Inc. in its $341-million bought deal public offering of common shares.

Birch Hill Equity Partners

Acted for Birch Hill Equity Partners in the sale of Marsulex Inc. to Chemtrade Logistics Income Fund in a deal valued at US$419.5 million.

Cadillac Fairview Finance Trust

Acted for Cadillac Fairview Finance Trust, an affiliate of Ontario Teachers' Pension Plan Board, in its private placement of $600-million aggregate principal amount of Series C Debentures due 2018.

Cadillac Fairview Finance Trust

Acted for Cadillac Fairview Finance Trust, an affiliate of Ontario Teachers' Pension Plan Board, in its private placement of $1.25 billion principal amount of 3.24% Series A Debentures due 2016 and $750 million principal amount of 4.31% Series B Debentures due January 25, 2021.

Pattern Energy Group LP

Acted for Pattern Energy Group LP in the establishment of its joint venture with an affiliate of Samsung C&T Corporation. The joint venture was formed to develop and operate up to 2,000 MW of wind power generation projects under the Ontario Feed-in Tariff Program and Samsung's Green Energy Investment Agreement with the Government of Ontario. The Green Energy Investment Agreement represents the largest initiative of its kind in the world. Up to 600 MW of wind turbines will be supplied to the Pattern-Samsung joint venture by Siemens Canada, which built Ontario's first blade factory to meet this demand.

Guide

Canadian Capital Markets Report 2017: Looking Back, Looking Ahead

Mar. 31, 2017 - Canadian capital markets in 2016 were turbulent and unpredictable, to say the least. Factors that contributed to shaky investor confidence included the unprecedented British vote to exit the European Union, the hard fought and (to some) surprising result of the U.S. presidential election, a...

Bulletin

Public Company Disclosure in the Age of Social Media: A Canadian Perspective

Mar. 14, 2017 - Could your company’s next tweet or post violate Canadian securities rules? The answer may be yes, according to a Canadian Securities Administrators (CSA) report on a review of social media practices conducted by the regulatory authorities in Alberta, Ontario and Québec. Businesses are increasingly...

Speaking Engagement

Canadian Electricity Association, “Cross-Border M&A in the Electric Utility Sector”; Toronto, ON

Oct. 27, 2016

Speaking Engagement

BMO Capital Markets, “Due Diligence for Capital Markets Transactions”; Calgary, AB

May 18, 2016

In the News

Bought Deals in Canada Still Healthy Despite Choppy Market – Lexpert

Apr. 14, 2016 - In a Lexpert article examining why “bought deal” structures remain popular in Canada despite uncertain market conditions, Davies partner Jim Reid discusses why these deals are attractive to issuers, and managing partner Shawn McReynolds explains why the development of bought deals in...

Guide

2016 Canadian Capital Markets Report: Looking Back, Looking Ahead

Mar. 09, 2016 - The past year was a roller coaster of a year for Canadian capital markets, beginning much how it ended – with a devalued Canadian dollar, lower interest rates in Canada and a shift in regional growth from the west to central Canada. Against the background of these market realities, the focus of ...

Speaking Engagement

Federated Press, Preparing the MD&A course, “Objective and Evolution of MD&A Requirements: Underlying Principles and Goals”; Toronto, ON

Sept. 17, 2015

Bulletin

OSC Provides New Guidance on Disclosure Regarding REIT Distributions

Jan. 27, 2015 - The Ontario Securities Commission has conducted a review of the disclosure of selected Real Estate Investment Trusts (REITs), and on January 26, 2015 published OSC Staff Notice 51-724 – Report on Staff’s Review of REIT Distributions Disclosure. The Notice identifies four areas in which the...

Bulletin

New Guidance to Codify Underwriting Due Diligence Best Practices

Mar. 06, 2014 - The Investment Industry Regulatory Organization of Canada, or IIROC, published today proposed guidance on underwriting due diligence for public offerings. The guidance, while largely reflecting current best practices, represents an attempt to promote consistency and enhanced standards among...

Chambers Canada: Canada’s Leading Lawyers for Business—REITs

IFLR1000: The Guide to the World’s Leading Financial Law Firms—Capital Markets: Debt; Capital Markets: Equity

The Legal 500 Canada—Capital Markets (Recommended); Corporate and M&A (Recommended)

Report on Business/Lexpert Special Edition Canada’s Leading Energy Lawyers

The Canadian Legal Lexpert Directory—Corporate Finance and Securities; Corporate Commercial Law

The Best Lawyers in Canada—Mergers and Acquisitions Law

Lexpert Rising Stars: Leading Lawyers Under 40

Bar Admissions

Ontario, 1998

Education

Peter A. Allard School of Law, University of British Columbia, LLB, 1996
McGill University, BA (Political Science), 1992

Community Involvement

University of British Columbia, National Centre for Business Law, Dean’s Advisory Committee

Teaching Engagements

Jim is an adjunct professor at Osgoode Hall Law School, where he teaches the Advanced Business Law Workshop on the topics of mergers and acquisitions and corporate finance. He has also been a guest lecturer in corporate finance at the University of British Columbia.