International law firm Milbank, Tweed, Hadley & McCloy LLP, led by Global Securities partner Robert W. Mullen, Jr., acted as US counsel in a $3 billion offering by the Government of Canada of its 0.875% United States Dollar Bonds due in 2017.  The bonds were purchased by a group of twelve underwriters, for whom Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and RBC Capital Markets, LLC acted as representatives.  The offering raised net proceeds of approximately $2.99 billion.

“Milbank is honored to act as US Counsel to Canada and to be in a position to assist Canada in the closing of this transaction,” said Mr. Mullen. 

Canada is one of the few countries still rated triple-A by all three major credit-ratings firms.   

Other Milbank attorneys involved in this transaction included tax partner Andrew Walker, securities associates Jeremy Steckel and Jenny Zhou, and tax associate Jonathan Grossberg.

Davis Polk & Wardwell LLP acted as US counsel to the underwriters, led by partner Alan Dean, counsel Jean Weng and associate Meghan Maloney, and Stikeman Elliott LLP acted as Canadian counsel to the underwriters, led by partners James C. Davis and Sherry L. Roth and associate Viviana Beltrametti Walker. The Department of Justice of Canada acted as Canadian counsel to Canada.