F-9
As filed with the Securities and Exchange Commission on
September 1, 2005
Registration
No. 333-
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form F-9
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
THE THOMSON CORPORATION
(Exact name of Registrant as specified in its charter)
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Ontario |
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2731 |
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98-0176673 |
(Province or other jurisdiction of
incorporation or organization) |
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(Primary Standard Industrial
Classification Code Number) |
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(I.R.S. Employer
Identification Number, if applicable) |
Metro Center, One Station Place
Stamford, Connecticut 06902
(203) 539-8000
(Address and telephone number of
Registrants principal executive offices)
Deirdre Stanley, Esq.
Thomson Holdings Inc.
Metro Center, One Station Place
Stamford, Connecticut 06902
(203) 539-8000
(Name, address (including zip code) and telephone number
(including area code) of agent for service in the United
States)
Copy to:
Andrew J. Beck, Esq.
Torys LLP
237 Park Avenue
New York, New York 10017-3142
Approximate date of commencement of proposed sale of the
securities to the public: From time to time after the
effective date of this Registration Statement.
Province of Ontario, Canada
(Principal jurisdiction regulating this offering)
It is proposed that this filing shall become effective (check
appropriate box):
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A. o upon
filing with the Commission, pursuant to Rule 467(a) (if in
connection with an offering being made contemporaneously in the
United States and Canada) |
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B. þ at
some future date (check the appropriate box below): |
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1. o pursuant
to Rule 467(b) on
( )
at
( )
(designate a time not sooner than seven calendar days after
filing). |
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2. o pursuant
to Rule 467(b) on
( )
at
( )
(designate a time seven calendar days or sooner after filing)
because the securities regulatory authority in the review
jurisdiction has issued a receipt or notification of clearance
on
( ). |
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3. o pursuant
to Rule 467(b) as soon as practicable after notification of
the Commission by the Registrant or the Canadian securities
regulatory authority of the review jurisdiction that a receipt
or notification of clearance has been issued with respect hereto. |
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4. þ after
the filing of the next amendment to this Form (if preliminary
material is being filed). |
If any of the securities being registered on this Form are to be
offered on a delayed or continuous basis pursuant to the home
jurisdictions shelf prospectus offering procedures, check
the following
box: þ
CALCULATION OF REGISTRATION FEE
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Proposed Maximum |
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Proposed Maximum |
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Amount of |
Title of Each Class of |
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Amount to be |
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Offering |
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Aggregate |
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Registration |
Securities to be Registered |
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Registered |
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Price per Unit(1) |
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Offering Price(1) |
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Fee(2) |
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Debt Securities
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$2,000,000,000 |
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100% |
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$2,000,000,000 |
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$235,400 |
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(1) |
Estimated solely for the purpose of calculating the amount of
the registration fee pursuant to Rule 457 of the Securities
Act of 1933, as amended. |
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(2) |
An aggregate of $109,215 of the amount of the registration fee
was previously paid in connection with $1,350,000,000 of the
$2,000,000,000 of unissued securities registered under the
Registration Statement on Form F-9 (File
No. 333-109297) initially filed on September 30, 2003
by the Registrant ($161,800 in fees paid), which unsold
securities are hereby deregistered. Accordingly, pursuant to
Rule 457(p) of the General Rules and Regulations under the
Securities Act of 1933, as amended, $109,215 is being offset
against the total registration fee due for this Registration
Statement. Accordingly, the registration fee to be paid herewith
is $126,185. |
The Registrant hereby amends this Registration Statement on
such date or dates as may be necessary to delay its effective
date until the Registration Statement shall become effective as
provided in Rule 467 under the Securities Act of 1933 or on such
date as the Commission, acting pursuant to Section 8(a) of
the Act, may determine.
PART I
INFORMATION REQUIRED TO BE DELIVERED TO OFFEREES OR
PURCHASERS
A copy of this preliminary short form
prospectus has been filed with the securities regulatory
authorities in each of the provinces of Canada but has not yet
become final for the purpose of the sale of securities.
Information contained in this preliminary short form prospectus
may not be complete and may have to be amended. The securities
may not be sold until a receipt for the short form base shelf
prospectus is obtained from the securities regulatory
authorities. This short form base shelf prospectus has been
filed under legislation in each of the provinces of Canada that
permits certain information about these securities to be
determined after this prospectus has become final and that
permits the omission from this prospectus of that information.
The legislation requires the delivery to purchasers of a
prospectus supplement containing the omitted information within
a specified period of time after agreeing to purchase any of
these securities.
The information contained in this prospectus is not
complete and may be changed. We may not sell these securities
until the registration statement filed with the U.S. Securities
and Exchange Commission is effective. This prospectus is not an
offer to sell these securities and it is not soliciting an offer
to buy these securities in any jurisdiction where the offer or
sale is not permitted. No securities regulatory authority has
expressed an opinion about these securities and it is an offence
to claim otherwise.
SUBJECT TO COMPLETION, DATED SEPTEMBER 1, 2005
PRELIMINARY SHORT FORM BASE SHELF PROSPECTUS
The Thomson Corporation
US$2,000,000,000
Debt Securities
(unsecured)
We may from time to time issue one or more series of unsecured
debt securities, which we refer to as Debt Securities, in an
aggregate principal amount of up to US$2,000,000,000 (or the
equivalent in other currencies) or, if any Debt Securities are
issued at an original issue discount, such greater amount as
shall result in an aggregate issue price of US$2,000,000,000 (or
the equivalent in other currencies), during the 25 month
period that this short form prospectus, including any amendments
hereto, remains valid.
We will provide the specific terms of the Debt Securities in
supplements to this prospectus. You should read this prospectus
and any applicable prospectus supplements carefully before you
invest.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR ANY STATE
SECURITIES COMMISSION NOR HAS THE SECURITIES AND EXCHANGE
COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY AND ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO
THE CONTRARY IS A CRIMINAL OFFENSE.
We are permitted, under a multijurisdictional disclosure
system adopted by the United States and Canada, to prepare this
prospectus in accordance with Canadian disclosure requirements,
which are different from those of the United States. We prepare
our financial statements in accordance with Canadian generally
accepted accounting principles, and our financial statements are
subject to Canadian generally accepted auditing standards and
Canadian and U.S. securities regulatory auditor
independence standards. Our financial statements may not be
comparable to financial statements of U.S. companies.
Owning the Debt Securities may have tax consequences in both
the United States and Canada. This prospectus and any applicable
prospectus supplement may not describe these tax consequences
fully. You should consult your own tax advisor with respect to
your own particular circumstances and read the tax discussion in
this prospectus and any applicable prospectus supplement.
Your ability to enforce civil liabilities under
U.S. federal securities laws may be affected adversely
because we are incorporated under the laws of the Province of
Ontario, Canada, some of our officers and directors and some of
the experts named in this prospectus are residents of Canada and
some of our assets and some of the assets of those officers,
directors and experts may be located outside of the United
States.
Table of Contents
ABOUT THIS PROSPECTUS
In this prospectus, the words we, us,
our and our company and other similar
words are references to The Thomson Corporation and its
consolidated subsidiaries unless the context requires otherwise.
All references in this prospectus to $ or
US$ are to U.S. dollars and C$ are
to Canadian dollars.
This prospectus is part of a registration statement on
Form F-9 relating to the Debt Securities that we filed with
the U.S. Securities and Exchange Commission, or SEC. Under
this shelf registration process, we may, from time
to time, sell any combination of Debt Securities in one or more
offerings up to an aggregate principal amount of
US$2,000,000,000. This prospectus provides you with a general
description of the Debt Securities that we may offer. Each time
we sell Debt Securities under the registration statement, we
will provide a prospectus supplement that will contain specific
information about the terms of that offering of Debt Securities.
The prospectus supplement may also add, update or change
information contained in this prospectus. Before you invest, you
should read both this prospectus and any applicable prospectus
supplement together with additional information described under
the heading Where You Can Find More Information.
This prospectus does not contain all of the information
contained in the registration statement, certain parts of which
are omitted in accordance with the rules and regulations of the
SEC. You should refer to the registration statement and the
exhibits to the registration statement for further information
with respect to our company and the Debt Securities.
We prepare our consolidated financial statements in accordance
with Canadian generally accepted accounting principles, or
Canadian GAAP, which differs from U.S. generally accepted
accounting principles, or U.S. GAAP. Therefore, our
consolidated financial statements incorporated by reference in
this prospectus, in any applicable prospectus supplement and in
the documents incorporated by reference in this prospectus may
not be comparable to financial statements prepared in accordance
with U.S. GAAP. You should refer to the notes of our
audited comparative consolidated financial statements for a
discussion of the principal differences between our financial
results calculated under Canadian GAAP and U.S. GAAP (and
the corresponding notes for subsequent years). Unless otherwise
indicated, financial information in this prospectus has been
prepared in accordance with Canadian GAAP.
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WHERE YOU CAN FIND MORE INFORMATION
Information has been incorporated by reference in this
prospectus from documents filed with the securities regulatory
authorities in each of the provinces of Canada. Copies of
the documents incorporated by reference in this prospectus may
be obtained on request without charge from the Secretary, The
Thomson Corporation, Suite 2706, Toronto Dominion Bank
Tower, Toronto-Dominion Centre, Toronto, Ontario, M5K 1A1
(telephone no. (416) 360-8700). For the purpose of the
Province of Québec, this simplified prospectus contains
information to be completed by consulting the permanent
information record. A copy of the permanent information record
may be obtained from the Secretary of our company at the
above-mentioned address and telephone number.
You may also access our disclosure documents and any reports,
statements or other information that we file with the securities
regulatory authorities in each of the provinces of Canada
through the Internet on the Canadian System for Electronic
Document Analysis and Retrieval, which is commonly known by the
acronym SEDAR and which may be accessed at www.sedar.com.
SEDAR is the Canadian equivalent of the SECs Electronic
Document Gathering and Retrieval System, which is commonly known
by the acronym EDGAR and which may be accessed at
www.sec.gov. In addition to our continuous disclosure
obligations under the securities laws of the provinces of
Canada, we are subject to the information requirements of the
U.S. Securities Exchange Act of 1934 and, in accordance
with the Exchange Act, file reports and other information with
the SEC.
You may read or obtain copies, at a fee, of any document we file
with or furnish to the SEC at the SECs public reference
room at Room 1580, 100 F Street, N.E.,
Washington, D.C. 20549. Please call the SEC at
1-800-SEC-0330 or access its website at www.sec.gov for
further information on the public reference room. Our filings
are also electronically available from the SECs EDGAR, as
well as from commercial document retrieval services.
You are invited to read and copy any reports, statements or
other information that we file with the securities regulatory
authorities in each of the provinces of Canada at their
respective public reference rooms. Reports and other information
about us should also be available for inspection at the offices
of the Toronto Stock Exchange and the New York Stock Exchange.
Under the multijurisdictional disclosure system adopted by the
United States and Canada, we are permitted to incorporate by
reference in this prospectus certain information we file with
the SEC and the securities regulatory authorities in Canada,
which means that we can disclose important information to you by
referring you to those documents. Information incorporated by
reference is an important part of this prospectus. Information
incorporated by reference must be filed as exhibits to the
registration statement on Form F-9 that we have filed with
the SEC in connection with the Debt Securities.
DOCUMENTS INCORPORATED BY REFERENCE
The following documents, which have been filed with the
securities regulatory authorities in each of the provinces of
Canada and filed with, or furnished to, the SEC, are
specifically incorporated by reference in this prospectus:
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our audited comparative consolidated financial statements and
the notes thereto for the year ended December 31, 2004, and
the accompanying auditors report thereon; |
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our managements discussion and analysis for the year ended
December 31, 2004; |
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our management information circular dated March 24, 2005
relating to our annual meeting of shareholders held on
May 4, 2005, except for the sections entitled Report
on Executive Compensation, Composition of the Human
Resources Committee, Performance Graph and
Statement of Corporate Governance Practices; |
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our annual information form dated March 2, 2005 for the
year ended December 31, 2004; |
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our unaudited comparative consolidated financial statements for
the six months ended June 30, 2005; and |
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our managements discussion and analysis for the six months
ended June 30, 2005. |
Any statement contained in a document incorporated or deemed to
be incorporated by reference herein shall be deemed to be
modified or superseded for the purposes of this prospectus to
the extent that a statement contained herein, or in any other
subsequently filed document which also is or is deemed to be
incorporated by reference herein, modifies or supersedes that
statement. Any statement so modified or superseded shall not be
deemed, except as so modified or superseded, to constitute a
part of this prospectus.
Any documents of the type referred to above, any material change
reports (excluding confidential reports, if any), all updated
interest coverage ratio information, as well as all prospectus
supplements disclosing additional or updated information that we
file with the securities regulatory authorities in Canada after
the date of this prospectus and prior to the termination of the
distribution of Debt Securities shall be deemed to be
incorporated by reference into this prospectus. To the extent
that any document or information incorporated by reference into
this prospectus is included in a report that is filed with or
furnished to the SEC on Form 40-F or 6-K (or any respective
successor form), such document or information shall also be
deemed to be incorporated by reference as an exhibit to the
registration statement of which this prospectus forms a part.
A prospectus supplement containing the specific terms of any
Debt Securities will be delivered, together with this
prospectus, to purchasers of such Debt Securities and will be
deemed to be incorporated into this prospectus for the purposes
of securities legislation as of the date of such prospectus
supplement, but only for the purposes of the distribution of the
Debt Securities to which such prospectus supplement pertains.
When we file a new annual information form and the related
audited comparative consolidated financial statements with, and
where required, they are accepted by, the applicable securities
regulatory authorities during the time that this prospectus is
valid, the previous annual information form, the previous
audited comparative consolidated financial statements and all
unaudited comparative consolidated financial statements,
material change reports and information circulars filed prior to
the commencement of our financial year in which the new annual
information form is filed will be deemed no longer to be
incorporated by reference into this prospectus for purposes of
future offers and sales of Debt Securities under this prospectus.
You should rely only on the information contained in or
incorporated by reference in this prospectus or any applicable
prospectus supplement and on the other information included in
the registration statement of which this prospectus forms a
part. We have not authorized anyone to provide you with
different or additional information. We are not making an offer
of Debt Securities in any jurisdiction where the offer is not
permitted by law. You should not assume that the information
contained in or incorporated by reference in this prospectus or
any applicable prospectus supplement is accurate as of any date
other than the date on the front of the applicable prospectus
supplement.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Some statements included and incorporated by reference in this
prospectus constitute forward-looking statements. The words
anticipate, believe, plan,
estimate, expect, intend,
will, may and should and
similar expressions, as they relate to us or our management, are
intended to identify forward-looking statements. These
forward-looking statements are not historical facts but reflect
our current expectations concerning future results and events.
These forward-looking statements are subject to a number of
risks and uncertainties that could cause actual results or
events to differ materially from current expectations, which
include, but are not limited to:
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actions of our competitors; |
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the failure of our significant investments in technology to
increase our revenues or decrease our operating costs; |
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our failure to fully derive anticipated benefits from our
acquisitions; |
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our failure to develop additional products and services to meet
our customers needs, attract new customers or expand into
new geographic markets; |
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our failure to meet the special challenges involved in expansion
of our operations outside North America; |
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failures or disruptions of our electronic delivery systems or
the Internet. |
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our failure to recruit and retain high quality management and
key employees; |
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the consolidation of our customers; |
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increased self-sufficiency of our customers; |
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increased accessibility to free or relatively inexpensive
information sources; |
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our failure to maintain the availability of information obtained
through licensing arrangements and changes in the terms of our
licensing arrangements; |
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changes in the general economy; |
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actions or potential actions that could be taken by our
principal shareholder, The Woodbridge Company Limited; |
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inadequate protection of our intellectual property rights; |
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an increase in our effective income tax rate; and |
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impairment of our goodwill and identifiable intangible assets. |
These factors and other risk factors described in some of the
documents incorporated by reference in this prospectus are not
necessarily all of the important factors that could cause actual
results to differ materially from those expressed in our
forward-looking statements. We caution you not to place undue
reliance on these forward-looking statements that reflect our
view only as of the date of this prospectus. We disclaim any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future
events or otherwise.
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RISK FACTORS
Investing in the Debt Securities is subject to certain risks.
Before purchasing Debt Securities, you should consider carefully
the risk factors set forth below and those under the heading
Risk Factors in our annual information form, which
is contained in our annual report on Form 40-F for the year
ended December 31, 2004 (and our annual information forms
for subsequent years), as well as the other information
contained in and incorporated by reference in this prospectus
(including subsequently filed documents incorporated by
reference) and, if applicable, those described in the applicable
prospectus supplement. If any event arising from these risks
occurs, our business, prospects, financial condition, results of
operation and cash flows could be materially and adversely
affected.
Fluctuations in exchange rates could give rise to foreign
currency exposure.
Debt Securities denominated or payable in foreign currencies may
entail significant risks, and the extent and nature of such
risks change continuously. These risks include, without
limitation, the possibility of significant fluctuations in the
foreign currency market, the imposition or modification of
foreign exchange controls and potential illiquidity in the
secondary market. These risks will vary depending on the
currency or currencies involved. Prospective purchasers should
consult their own financial and legal advisors as to the risks
entailed in an investment in Debt Securities denominated in
currencies other than the local currency. Debt Securities are
not an appropriate investment for investors who are
unsophisticated with respect to foreign currency transactions.
Credit ratings assigned to Debt Securities may change.
We cannot assure you that any credit rating, if any, assigned to
Debt Securities issued hereunder will remain in effect for any
given period of time or that any rating will not be lowered or
withdrawn entirely by the relevant rating agency. A lowering or
withdrawal of such rating may have an adverse effect on the
market value of the Debt Securities.
There may not be a trading market for the Debt Securities.
There is currently no market through which the Debt Securities
may be sold. We cannot assure you that a secondary market for
trading in the Debt Securities will develop or that any
secondary market which does develop will continue.
The Debt Securities will be subordinated to creditors of our
subsidiaries.
We conduct our operations through a number of subsidiaries and
to the extent any such subsidiary has or incurs indebtedness
with a third party, the holders of the Debt Securities will
effectively be subordinated to the claims of the holders of such
third party indebtedness, including in the event of liquidation
or upon a realization of the assets of any such subsidiary.
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THE THOMSON CORPORATION
The Thomson Corporation was incorporated under the Business
Corporations Act (Ontario), Canada by articles of
incorporation dated December 28, 1977. We restated our
articles on February 28, 2005. Our registered office is at
Suite 2706, Toronto Dominion Bank Tower, P.O. Box 24,
Toronto-Dominion Centre, Toronto, Ontario, M5K 1A1. Our
principal office in the United States is Metro Center, One
Station Place, Stamford, Connecticut 06902.
OUR BUSINESS
We are a global leader in providing integrated information
solutions to business and professional customers. We organize
our operations in four market groups that are structured on the
basis of the customers they serve:
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Thomson Legal & Regulatory is a leading provider of
information solutions to legal, tax, accounting, intellectual
property, compliance and business professionals; |
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Thomson Learning is a leading provider of learning solutions to
colleges, universities, professors, students, libraries,
reference centers, government agencies, corporations and
professionals; |
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Thomson Financial is a leading provider of products and
integration services to financial and technology professionals
in the corporate, investment banking, institutional, retail
wealth management and fixed income sectors of the global
financial community; and |
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Thomson Scientific & Healthcare is a leading provider
of information and services to researchers, physicians and other
professionals in the healthcare, academic, scientific, corporate
and government marketplaces. |
RECENT DEVELOPMENTS
On August 2, 2005, we announced that we had exercised our
right to redeem approximately US$400,000,000 of outstanding debt
securities, consisting of all of our outstanding:
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C$400,000,000 6.90% medium term notes due June 4, 2008; and |
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US$75,000,000 7.62% notes due December 22, 2007, which were
issued in a private placement. |
We redeemed the privately-placed notes on August 16, 2005
and we redeemed the medium term notes on September 1, 2005.
We anticipate that we will recognize a loss of approximately
US$20 million in the third quarter of 2005 in connection
with these redemptions.
On August 9, 2005, we issued US$400,000,000 of 5.50%
debentures due August 15, 2035.
USE OF PROCEEDS
Unless otherwise specified in a prospectus supplement that
accompanies this prospectus, the net proceeds from the sale of
the Debt Securities will be added to our general funds and we
will use them for general corporate purposes including to repay
existing indebtedness. We may from time to time issue Debt
Securities and incur additional indebtedness other than through
an offering under this prospectus and any applicable prospectus
supplements.
INTEREST COVERAGE
After giving effect to our issuance on August 9, 2005 of
US$400,000,000 aggregate principal amount of
5.50% debentures due 2035 and the use of the net proceeds
from that offering, as if such offering occurred at the
beginning of each period, the pro-forma interest, including
these new debentures and other long-term and short-term debt for
the 12 months ended December 31, 2004 and
June 30, 2005, would amount to
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US$242 million and US$231 million, respectively, for
each such period. Our consolidated net earnings before deducting
interest expense and other financing costs (including the effect
of related debt swaps) and before income taxes for the
12 months ended December 31, 2004 were
US$1,543 million, which is 6.38 times the pro-forma
interest for that period, and for the 12 months ended
June 30, 2005 were US$1,564 million, which is 6.77
times the pro-forma interest for that period.
Excluding the results of discontinued operations, consolidated
net earnings before deducting interest expense and other
financing costs (including the effect of related debt swaps) and
before income taxes for the 12 months ended
December 31, 2004 were US$1,374 million, which is 5.68
times the pro-forma interest for that period, and for the
12 months ended June 30, 2005 were
US$1,377 million, which is 5.96 times the pro-forma
interest for that period.
These coverage ratios do not give effect to the issuance of Debt
Securities that may be issued pursuant to this prospectus.
SHARE CAPITAL
Our authorized capital consists of an unlimited number of common
shares and an unlimited number of preference shares without par
value issuable in series. As of August 29, 2005,
653,654,196 common shares and 6,000,000 Series II
cumulative redeemable floating rate preference shares were
outstanding.
DESCRIPTION OF DEBT SECURITIES
This section describes certain general terms and provisions of
the Debt Securities. We will provide the particular terms and
provisions of a series of Debt Securities and a description of
how the general terms and provisions described below apply to
that series in a prospectus supplement. Thus, for a description
of the terms of a particular series of Debt Securities, you must
refer to both the applicable prospectus supplement relating to
that series and the description of the Debt Securities contained
in this prospectus. In this section, the words we,
us, our and our company
refer only to The Thomson Corporation and not to any of our
consolidated subsidiaries.
Unless otherwise specified in a prospectus supplement, the Debt
Securities will be issued under a trust indenture dated
November 20, 2001, as amended and supplemented from time to
time, between our company and Computershare Trust Company of
Canada. We plan to appoint Deutsche Bank Trust Company Americas
as an additional Trustee under the trust indenture, subject to
the receipt of required regulatory approvals. The trust
indenture is subject to the provisions of the Business
Corporations Act (Ontario) and the provisions of the
U.S. Trust Indenture Act of 1939, as amended,
although it is exempt from the operation of certain provisions
of the Trust Indenture Act pursuant to Rule 4d-9 thereunder.
This summary information does not purport to be complete and is
qualified in its entirety by reference to the provisions of the
Debt Securities and the trust indenture, including the
definition of certain terms in the trust indenture. It is the
trust indenture, and not this summary, that governs the rights
of holders of Debt Securities. Capitalized terms that are used
below and not defined have the meanings assigned to them in the
trust indenture. We have defined selected terms at the end of
this section. Section references below are to sections of the
trust indenture.
The trust indenture does not limit the amount of Debt Securities
that may be issued under the trust indenture. The trust
indenture provides that Debt Securities may be issued from time
to time in one or more series and may be denominated and payable
in U.S. dollars or any other currency. We may offer no more
than US$2,000,000,000 (or the equivalent in
non-U.S. Currency) aggregate principal amount of Debt
Securities
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pursuant to this prospectus. The specific terms of any series of
Debt Securities will be established at the time of issuance and
will be described in the applicable prospectus supplement. These
terms may include, but are not limited to, any of the following:
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the specific designation of the Debt Securities; |
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any limit on the aggregate principal amount of the Debt
Securities; |
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the date or dates, if any, on which the Debt Securities will
mature and the portion (if other than all of the principal
amount) of the Debt Securities to be payable upon declaration of
acceleration of Maturity; |
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the rate or rates per annum (which may be fixed or variable) at
which the Debt Securities will bear interest, if any, the date
or dates from which any such interest will accrue, the Interest
Payment Dates on which any such interest will be payable and the
Regular Record Dates for any interest payable on the Debt
Securities which are in registered form; |
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any mandatory or optional redemption or sinking fund provisions,
including the period or periods within which, the price or
prices at which and the terms and conditions upon which the Debt
Securities may be redeemed or purchased at the option of our
company or otherwise; |
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whether the Debt Securities will be issuable in registered form
or bearer form or both, and, if issuable in bearer form, the
restrictions as to the offer, sale and delivery of the Debt
Securities in bearer form and as to exchanges between registered
and bearer form; |
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whether the Debt Securities will be issuable in the form of one
or more registered global securities and if so the identity of
the depository for such registered global securities; |
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the denominations in which any of the Debt Securities will be
issuable if other than denominations of US$1,000 and any
multiple thereof; |
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each office or agency where the principal of and any premium and
interest on the Debt Securities will be payable and each office
or agency where the Debt Securities may be presented for
registration of transfer or exchange; |
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if other than U.S. dollars, the foreign currency or the
units based on or relating to foreign currencies in which the
Debt Securities are denominated and/or in which the payment of
the principal of and any premium and interest on the Debt
Securities will or may be payable; |
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any index pursuant to which the amount of payments of principal
of and any premium and interest on the Debt Securities will or
may be determined; |
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any other terms of the Debt Securities, including covenants and
additional Events of Default (Section 301); and |
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upon appointing any additional Trustee, the identity of the
Trustee for a particular series of Debt Securities. |
The trust indenture also provides that there may be more than
one Trustee under the trust indenture, each with respect to one
or more different series of Debt Securities. See
Resignation of Trustee below for more
information. As there is more than one Trustee under the trust
indenture, the powers and trust obligations of each Trustee as
described in this prospectus shall extend only to the one or
more series of Debt Securities for which it is Trustee. The Debt
Securities (whether of one or more than one series) for which
each Trustee is acting shall in effect be treated as if issued
under separate trust indentures. The term Debt
Securities as used in this prospectus shall mean the one
or more series with respect to which each respective Trustee is
acting.
Some or all of the Debt Securities may be issued under the trust
indenture as Original Issue Discount Securities (bearing no
interest or interest at a rate that at the time of issuance is
below market rates) to be issued at prices below their stated
principal amounts.
9
The general provisions of the trust indenture do not contain any
provisions that would limit the ability of our company to incur
indebtedness or that would afford Holders protection in the
event of a highly leveraged or similar transaction involving our
company.
Under the trust indenture, we will have the ability, in addition
to the ability to issue Debt Securities with terms different
from those of other Debt Securities previously issued, without
the consent of the Holders, to reopen a previous issue of a
series of Debt Securities and issue additional Debt Securities
of such series. (Section 301)
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Ranking and Other Indebtedness |
The Debt Securities will be unsecured obligations of our company
and will rank equally with all other unsecured and
unsubordinated obligations of our company.
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Form, Denomination, Exchange and Transfer |
Debt Securities of a series may be issuable solely as registered
Debt Securities issuable in denominations of US$1,000 and
integral multiples of US$1,000 or in such other denominations as
may be provided for by the terms of the Debt Securities of any
particular series. The trust indenture also provides that Debt
Securities of a series may be issuable in global form, which we
refer to as Global Securities. Debt Securities of any series
will be exchangeable for other Debt Securities of the same
series of any authorized denominations and of a like aggregate
principal amount and tenor. (Section 305)
The Debt Securities may be presented for exchange as described
above, and Debt Securities may be presented for registration of
transfer (duly endorsed or accompanied by a written instrument
of transfer), at the corporate trust office of the Trustee or at
the office of any transfer agent designated by our company for
such purpose with respect to any series of Debt Securities. No
service charge will be made for any transfer or exchange of Debt
Securities, but we may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection
therewith. We may at any time designate one or more successor or
additional transfer agents with respect to any series of Debt
Securities and may from time to time rescind any such
designation. (Section 305) We will be required to maintain
a transfer agent in each Place of Payment for such series.
(Section 1002)
So long as required by the Business Corporations Act
(Ontario), we shall cause to be kept, by our company or a
trust corporation registered in Ontario, a central securities
register that complies with the requirements of the Business
Corporations Act (Ontario). Additionally, we will cause to
be recorded promptly in the central securities register
maintained pursuant to the Business Corporations Act
(Ontario), the particulars of each issue, exchange or
transfer of Debt Securities. Unless otherwise provided for in
the case of any series of Debt Securities, the Trustee shall
maintain at its corporate trust office a branch register
containing the same information with respect to each entry
contained therein as contained in the central register. In the
event of a conflict between the information contained in the
central register and the information contained in a branch
register, the information contained in the central register
shall prevail. (Section 305)
We shall not be required to:
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issue, register the transfer of or exchange Debt Securities of
any series during a period beginning at the opening of business
15 days before any selection of Debt Securities of that
series to be redeemed and ending at the close of business on the
day of mailing of the relevant notice of redemption; |
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register the transfer of or exchange any Debt Security, or
portion thereof, called for redemption, except the unredeemed
portion of any Debt Security being redeemed in part; or |
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issue, register the transfer of or exchange any Debt Security
which has been surrendered for repayment at the option of the
Holder except the portion, if any, of such Debt Security not to
be so repaid. (Section 305) |
10
The trust indenture provides, with respect to any series of
Outstanding Debt Securities thereunder, that the following shall
constitute Events of Default:
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(i) default in the payment of any interest upon any Debt
Security of that series, when the same becomes due and payable,
continued for 30 days; |
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(ii) default in the payment of the principal of or any
premium on any Debt Security of that series at its Maturity; |
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(iii) default in the deposit of any sinking fund or
analogous payment when due by the terms of any Debt Security of
that series; |
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(iv) default in the performance, or breach, of any covenant
or warranty of our company in the trust indenture (other than a
covenant or warranty, a default in whose performance or whose
breach is specifically dealt with elsewhere in the trust
indenture), continued for 60 days after written notice to
our company; |
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(v) certain events of bankruptcy, insolvency or
reorganization; and |
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(vi) any other Event of Default provided with respect to
the Debt Securities of that series. (Section 501) |
No Event of Default provided with respect to a particular series
of Debt Securities necessarily constitutes an Event of Default
with respect to any other series of Debt Securities.
(Section 501) We are required to file with the Trustee,
annually, an Officers Certificate as to our compliance
with all conditions and covenants under the trust indenture.
(Section 1004) The trust indenture provides that the
Trustee may withhold notice to the Holders of Debt Securities of
any default (except payment defaults on the Debt Securities) if
it considers it in the best interest of the Holders of Debt
Securities to do so. (Section 502)
If an Event of Default listed in clause (i), (ii), (iii),
(iv) or (vi) of the second preceding paragraph with
respect to Debt Securities of a particular series occurs and is
continuing, the Trustee or the Holders of not less than 25% in
principal amount of Outstanding Debt Securities of that series
may declare the Outstanding Debt Securities of that series due
and payable immediately. If an Event of Default listed in
clause (v) of the preceding paragraph occurs and is
continuing, then the Trustee or the Holders of not less than 25%
in principal amount of all Debt Securities then Outstanding may
declare the principal amount of all of the Outstanding Debt
Securities to be due and payable immediately. However, in either
case the Holders of a majority in principal amount of the
Outstanding Debt Securities of that series, or of all
Outstanding Debt Securities, as the case may be, by written
notice to us and the Trustee, may, under certain circumstances,
rescind and annul such declaration. (Section 503)
Subject to the provisions relating to the duties of the Trustee,
in case an Event of Default with respect to Debt Securities of
any or all series occurs and is continuing, the Trustee shall be
under no obligation to exercise any of its rights or powers
under the trust indenture at the request, order or direction of
any of the Holders of such Debt Securities, unless such Holders
shall have offered to the Trustee reasonable indemnity against
the expenses and liabilities which might be incurred by it in
compliance with such request. (Section 508) Subject to such
provisions for the indemnification of the Trustee, the Holders
of not less than a majority in principal amount of the
Outstanding Debt Securities of any series (with respect to any
remedy, trust or power relating to or arising under an Event of
Default described in clause (i), (ii), (iii), (iv) or
(vi) above) or the Holders of a majority in principal
amount of all Outstanding Debt Securities (with respect to any
other remedy, trust or power), as the case may be, shall have
the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee under the
trust indenture, or exercising any trust or power conferred on
the Trustee. (Section 513)
The Holders of not less than a majority in principal amount of
the Outstanding Debt Securities of any series may on behalf of
the Holders of all the Debt Securities of such series waive any
past default described in clause (i), (ii), (iii),
(iv) or (vi) above (or, in the case of a default
described in clause (v) above, the Holders
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of not less than a majority in principal amount of all
Outstanding Debt Securities may waive any such past default) and
its consequences, except a default (a) in the payment of
the principal of (or premium, if any) or any interest on any
Debt Security, or (b) in respect of a covenant or provision
that cannot be modified or amended without the consent of the
Holder of each Outstanding Debt Security of such series affected
thereby. (Section 514)
The trust indenture will provide that, so long as any Debt
Securities are Outstanding, we will not:
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create or permit to subsist after knowledge of the existence
thereof any mortgage, lien, pledge, encumbrance, conditional
sale or other title retention agreement, or other similar
security interest, or Security Interest, upon any part of any
undertaking or assets to secure any of our Debt; or |
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permit any Material Subsidiary to give any Guarantee to secure
any of our Debt; |
without at the same time or as soon as reasonably practicable
thereafter according to the Holders of Debt Securities a ratable
and pari passu interest in the same Security Interest or
Guarantee, as applicable, but this covenant will not apply to,
or operate to prevent:
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(i) any Security Interest for, or any Guarantee by a
Material Subsidiary of, any of our Debt, the amount of which,
when aggregated with the amount of all other Debt of our company
then outstanding in respect of which Security Interest or a
Guarantee by a Material Subsidiary has been given, excluding any
Security Interest or Guarantee given pursuant to the exceptions
in subparagraphs (ii) to (iv), would not exceed 10% of
Consolidated Shareholders Equity; |
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(ii) any Security Interest on (a) any asset (including
shares) acquired or held by our company to secure our Debt
incurred solely for the purpose of financing the acquisition,
construction, research, development or improvement of such asset
or (b) shares of a Subsidiary organized solely to acquire
any such asset; |
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(iii) the assumption by our company of any Security
Interest in existence on any asset at the time of acquisition
thereof, including any such assumption consequent upon any
amalgamation, merger, arrangement or other corporate
reorganization; |
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(iv) our company giving a Security Interest (other than on
shares or fixed assets) in the ordinary course of its business
to any bank or banks or others to secure any Debt of our company
that is not a Funded Obligation; or |
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(v) the extension, renewal or refunding of any Security
Interest permitted under subparagraphs (ii) to
(iv) to the extent of the principal amount of our Debt
secured by and owing under any such Security Interest at the
time of such extension, renewal or refunding. (Section 1007) |
Modification and amendment of the trust indenture may be made by
our company and the Trustee with the consent of the Holders of
not less than a majority in principal amount of all Outstanding
Debt Securities that are affected by such modification or
amendment; provided that no such modification or amendment may,
without the consent of the Holder of each Outstanding Debt
Security affected thereby, among other things;
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change the Stated Maturity of, the principal of (or premium, if
any), or any installment of interest on any such Debt Security; |
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change the time at which any Debt Security may or shall be
redeemable or repayable; |
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reduce the principal amount or the rate of interest on or any
premium payable on any Debt Security; |
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reduce the amount of the principal of an Original Issue Discount
Security that would be due and payable upon a declaration of
acceleration of the Maturity thereof; |
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adversely affect any right of repayment at the option of the
Holder of any such Debt Security; |
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change the Currency or Place of Payment of principal of, or any
premium or interest on, any such Debt Security; |
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reduce the above-stated percentage of Holders of such
Outstanding Debt Securities necessary to modify or amend the
trust indenture or to consent to any waiver thereunder
(including a waiver of certain defaults); |
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change any obligation of our company to pay Additional Amounts
provided for pursuant to Section 1005 of the trust
indenture, with certain exceptions; or |
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modify the foregoing requirements with certain exceptions.
(Section 902) |
The Holders of a majority in principal amount of Outstanding
Debt Securities affected thereby have the right to waive
compliance by our company with certain covenants.
(Section 1008)
Our company and the Trustee may modify and amend the trust
indenture without the consent of any Holder, for any of the
following purposes:
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to evidence the succession of another Person to our company as
obligor under the trust indenture; |
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to add to the covenants of our company for the benefit of the
Holders of all or any series of Debt Securities; |
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to add Events of Default for the benefit of the Holders of all
or any series of Debt Securities; |
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to change or eliminate any provisions of the trust indenture,
provided that any such change or elimination shall become
effective only when there are no Debt Securities Outstanding of
any series created prior thereto which are entitled to the
benefit of such provision or any such change or elimination
shall not apply to any Outstanding Debt Security; |
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to secure the Debt Securities pursuant to the provisions
described above under Negative Pledge
and Merger, Consolidation or
Amalgamation, or otherwise; |
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to establish the form or terms of Debt Securities of any series; |
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to provide for the acceptance of appointment by a successor
Trustee or facilitate the administration of the trusts under the
trust indenture by more than one Trustee; |
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to cure any ambiguity, defect or inconsistency in the trust
indenture, provided such action does not adversely affect the
interests of Holders of Debt Securities of any series in any
material respect; |
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to comply with any requirements of the Commission in order to
effect and maintain the qualification of the trust indenture
under the TIA; or |
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to supplement any of the provisions of the trust indenture to
the extent necessary to permit or facilitate defeasance and
discharge of any series of Debt Securities, provided, however,
such action shall not adversely affect the interests of the
Holders of any Debt Securities in any material respect.
(Section 901) |
The trust indenture provides that in determining whether the
Holders of the requisite principal amount of Debt Securities of
a series then Outstanding have given any request, demand,
authorization, direction, notice, consent or waiver thereunder:
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the principal amount of an Original Issue Discount Security that
shall be deemed to be Outstanding shall be the amount of the
principal thereof that would be due and payable as of the date
of such determination upon acceleration of the maturity thereof, |
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the principal amount of a Debt Security denominated in a
Currency or Currencies other than U.S. dollars shall be the
U.S. dollar equivalent, determined as of the date such Debt
Securities were originally issued by our company, of the
principal amount (or, in the case of an Original Issue Discount |
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Security, the U.S. dollar equivalent on the issue date of
such Original Issue Discount Security of the amount determined
as provided in the first bullet above), and |
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Debt Securities owned by our company or any other obligor or
affiliate of our company or such other obligor shall be
disregarded and not deemed to be Outstanding. (Section 101) |
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Merger, Consolidation or Amalgamation |
The trust indenture provides that our company may not amalgamate
or consolidate with or merge into any other person or convey,
transfer, sell or lease our properties and assets substantially
as an entirety to any Person, unless:
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the Person formed by such consolidation or amalgamation or into
which we are merged or the Person which acquires or leases our
properties and assets substantially as an entirety is organized
or existing under the laws of any Canadian, United States,
United Kingdom or other country that is in the European
Community jurisdiction expressly assumes our obligations on the
Debt Securities and under the trust indenture, and |
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certain other conditions are met. (Section 801) |
In addition, no such amalgamation, consolidation, merger or
transfer may be made if, as a result thereof, any property or
assets of our company would become subject to any mortgage or
other encumbrance securing Debt, unless such mortgage or other
encumbrance could be created pursuant to the provisions
described under Negative Pledge above
without equally and ratably securing the Debt Securities or
unless the Debt Securities are secured equally and ratably with,
or prior to, the Debt secured by such mortgage or other
encumbrance. (Section 803)
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Discharge, Defeasance and Covenant Defeasance |
We may discharge certain obligations to Holders of any series of
Debt Securities issued under the trust indenture which have not
already been delivered to the Trustee for cancellation and which
have either become due and payable or are by their terms due and
payable within one year (or scheduled for redemption within one
year) by irrevocably depositing with the Trustee trust funds in
an amount sufficient to pay the entire indebtedness on such Debt
Securities for principal (and premium, if any) and interest to
the date of such deposit (if such Debt Securities have become
due and payable) or to the Stated Maturity or
Redemption Date, as the case may be. (Section 401)
We may, at our option and at any time, elect to have our
obligations discharged with respect to the Outstanding Debt
Securities of or within any series, which we refer to as
defeasance. Defeasance means that we shall be deemed to have
paid and discharged the entire indebtedness represented by such
Outstanding Debt Securities and to have satisfied our other
obligations under the trust indenture with respect to such Debt
Securities, except for:
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the rights of Holders of such Outstanding Debt Securities to
receive solely from the trust fund described below payments in
respect of the principal of (and premium, if any) and interest
on such Debt Securities when such payments are due; |
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our obligations with respect to such Debt Securities relating to
the issuance of temporary securities, the registration, transfer
and exchange of the Debt Securities, the replacement of
mutilated, destroyed, lost or stolen Debt Securities, the
maintenance of an office or agency in the applicable Place of
Payment, the holding of money for security payments in trust and
with respect to the payment of Additional Amounts, if any,
pursuant to Section 301 of the trust indenture; |
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the rights, powers, trusts, duties and immunities of the
Trustee; and |
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the defeasance provisions of the trust indenture. |
We may, at our option and at any time, elect to be released from
our obligations with respect to certain covenants that are
described in the trust indenture (including those described
under Negative Pledge and
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Merger, Consolidation or Amalgamation
above), and we refer to this as covenant defeasance,
and any omission to comply with such obligations thereafter
shall not constitute a default or an Event of Default with
respect to such Debt Securities. (Sections 1401, 1402 and
1403)
In order to exercise either defeasance or covenant defeasance:
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we must irrevocably deposit with the Trustee (or other
qualifying trustee), in trust, for the benefit of the Holders of
such Debt Securities, cash, Government Obligations, or a
combination thereof, in such amounts as will be sufficient, in
the opinion of a nationally recognized firm of independent
public accountants, to pay the principal of (and premium, if
any) and interest on such Outstanding Debt Securities, and any
mandatory sinking fund or analogous payments thereon, on the
scheduled due dates therefor in the Currency in which such Debt
Securities are then specified as payable at Stated Maturity; |
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in the case of defeasance, we shall have delivered to the
Trustee an Opinion of Counsel qualified to practice law in the
United States stating that (x) we have received from, or
there has been published by, the Internal Revenue Service a
ruling or (y) since the date of the trust indenture, there
has been a change in the applicable United States Federal income
tax law, in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, the Holders of such
Debt Securities will not recognize income, gain or loss for
United States federal income tax purposes as a result of such
defeasance and will be subject to United States federal income
tax on the same amounts, in the same manner and at the same
times as would have been the case if such defeasance had not
occurred; |
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in the case of covenant defeasance, we shall have delivered to
the Trustee an Opinion of Counsel qualified to practice law in
the United States to the effect that the Holders of such Debt
Securities will not recognize income, gain or loss for United
States federal income tax purposes as a result of such covenant
defeasance and will be subject to United States federal income
tax on the same amounts, in the same manner and at the same
times as would have been the case if such covenant defeasance
had not occurred; |
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in the case of defeasance or covenant defeasance, we shall have
delivered to the Trustee an Opinion of Counsel qualified to
practice law in Canada or a ruling from the Canada Customs and
Revenue Agency to the effect that Holders of such Outstanding
Securities will not recognize income, gain or loss for Canadian
federal or provincial income tax or other tax purposes as a
result of such defeasance or covenant defeasance, as applicable,
and will be subject to Canadian federal or provincial income tax
and other tax including withholding tax, if any, on the same
amounts, in the same manner and at the same times as would have
been the case if such defeasance or covenant defeasance had not
occurred; and |
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we have delivered to the Trustee an Opinion of Counsel to the
effect that the deposit referenced in the first bullet above
will not cause the Trustee or the trust so created to be subject
to the U.S. Investment Company Act of 1940, as amended and
that we are not an insolvent person within the
meaning of the Bankruptcy and Insolvency Act (Canada) on the
date of the deposit referred to in the first bullet above or at
any time during the period ending on the 91st day after the
date of such deposit. (Section 1404) |
If, after we have deposited funds and/or Government Obligations
to effect defeasance or covenant defeasance with respect to any
Debt Securities:
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the Holder of any such Debt Security is entitled to, and does,
elect pursuant to the terms of such Debt Security to receive
payment in a Currency other than that in which such deposit has
been made in respect of such Debt Security, or |
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the Currency in which such deposit has been made in respect of
any such Debt Security ceases to be used by its government of
issuance, the indebtedness represented by such Debt Security
shall be deemed to have been, and will be, fully discharged and
satisfied through the payment of the principal of (and premium,
if any) and interest, if any, on such Debt Security as they
become due out of the |
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proceeds yielded by converting the amount so deposited in
respect of such Debt Security into the Currency in which such
Debt Security becomes payable as a result of such election or
such cessation of usage based on the applicable Market Exchange
Rate. (Section 1405) |
All payments of principal of (and premium, if any), and
interest, if any, on any Debt Security that is payable in a
Currency other than U.S. dollars that ceases to be used by
its government of issuance shall be made in U.S. dollars.
(Section 312)
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Payment of Principal and Interest and Paying Agents |
Unless otherwise specified in Section 301 of the trust
indenture, principal (premium, if any) and interest, if any, on
Debt Securities will be payable at an office or agency
maintained by our company in New York, New York, except that at
our option, interest, if any, may be paid by:
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check mailed to the address of the Person entitled thereto as
such address shall appear in the Security Register, or |
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wire transfer to an account located in the United States or
Canada maintained by the person entitled thereto as specified in
the Security Register. (Sections 307, 1001 and 1002) |
Payment of any installment of interest on Debt Securities will
be made to the Person in whose name such Debt Security is
registered at the close of business on the Regular Record Date
for such interest. (Section 307)
Any Paying Agent outside the United States and any other Paying
Agent in the United States initially designated by our company
for the Debt Securities may be established for each series of
Debt Securities. We may at any time designate additional Paying
Agents or rescind the designation of any Paying Agent or approve
a change in the office through which any Paying Agent acts,
except that we will be required to maintain a Paying Agent in
each Place of Payment for such series. (Section 1002)
The Trustee may resign or be removed with respect to one or more
series of Debt Securities and a successor Trustee may be
appointed to act with respect to such series. (Section 608)
In the event that two or more persons are acting as Trustee with
respect to different series of Debt Securities, each such
Trustee shall be a Trustee of a trust under the trust indenture
separate and apart from the trust administered by any other such
Trustee (Section 609), and any action described herein to
be taken by the Trustee may then be taken by each
such Trustee with respect to, and only with respect to, the one
or more series of Debt Securities for which it is Trustee.
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Book-Entry Debt Securities |
The Debt Securities of a series may be issued in whole or in
part in the form of one or more Global Securities that will be
deposited with, or on behalf of, a depositary for a series of
Debt Securities. Global Securities may be issued in either
temporary or permanent form. Unless otherwise provided for a
series of Debt Securities, Debt Securities that are represented
by a Global Security will be issued in denominations of US$1,000
and any integral multiple thereof or in such other denominations
as may be provided for by the terms of the Debt Securities of
any particular series, and will be issued in registered form
only, without coupons. Payments of principal of (premium, if
any) and interest on Debt Securities represented by a Global
Security will be made by the Trustee to the depositary or its
nominee.
The trust indenture and the Debt Securities will be governed by,
and construed in accordance with, the laws of the State of New
York. The trust indenture is subject to the provisions of the
Trust Indenture Legislation and shall, to the extent applicable,
be governed by such provisions. (Section 111)
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Consent to Jurisdiction and Service |
The trust indenture provides that we have designated Corporation
Service Company, 2711 Centerville Road, Suite 400,
Wilmington, Delaware 19805-1297, as our authorized agent for
service of process in any suit, action or proceeding arising out
of or relating to the trust indenture and the Debt Securities
that may be instituted in any federal or state court located in
the Borough of Manhattan, in The City of New York, or brought
under United States federal or state securities laws or brought
by the Trustee, and have irrevocably submitted to the
jurisdiction of such courts. (Section 113)
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Enforceability of Judgments under U.S. Laws |
Since some of our assets are outside the United States, any
judgment obtained in the United States against us, including any
judgment with respect to the payment of interest and principal
on the Debt Securities, may not be collectible within the United
States.
A court of competent jurisdiction in the Province of Ontario
would enforce a final and conclusive judgment in personam
of a court sitting in the Borough of Manhattan, the City of
New York, New York, which we refer to as a New York court, that
is subsisting and unsatisfied respecting the enforcement of the
trust indenture and the Debt Securities that is not impeachable
as void or voidable under the internal laws of the State of New
York for a sum certain if:
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the court rendering such judgment had jurisdiction over the
judgment debtor, as recognized by the courts of the Province of
Ontario (and submission by our company in the trust indenture to
the jurisdiction of the New York court will be sufficient for
the purpose); |
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such judgment was not obtained by fraud or in a manner contrary
to natural justice and the enforcement thereof would not be
inconsistent with public policy, as such term is understood
under the laws of the Province of Ontario, or contrary to any
order made by the Attorney General of Canada under the Foreign
Extraterritorial Measures Act (Canada); |
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the enforcement of such judgment does not constitute, directly
or indirectly, the enforcement of foreign revenue or penal
laws; and |
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the action to enforce such judgment is commenced within the
applicable limitation period. |
We believe that a monetary judgment of a United States court
predicated solely upon the civil liability provisions of United
States federal securities laws would likely be enforceable in
Canada if the United States court in which the judgment was
obtained had a basis for jurisdiction in the matter that was
recognized by a Canadian court for such purposes. We cannot
assure you that this will be the case. It is less certain that
an action could be brought in Canada in the first instance on
the basis of liability predicated solely upon such laws.
Definitions
Set forth below is a summary of certain of the defined terms
used in the trust indenture. Reference is made to the trust
indenture for the full definition of all such terms, as well as
any other terms used herein for which no definition is provided.
(Section 101)
Business Day, when used with respect to any
Place of Payment or any other location referred to in the trust
indenture, expressly or impliedly, which shall include Toronto,
Ontario, New York, New York and London, England, hereunder, or
in the Debt Securities, means, unless otherwise specified with
respect to any Debt Securities pursuant to Section 301,
each Monday, Tuesday, Wednesday, Thursday and Friday which is
not a day on which banking institutions in that Place of Payment
or other such location are authorized or obligated by law or
executive order to close.
Consolidated Shareholders Equity means
the aggregate of the stated capital accounts for all outstanding
shares of our company and the amount of consolidated surplus of
our company and our
17
Subsidiaries, whether paid in, earned, or otherwise, as such
consolidated surplus is shown on the then most recent audited
consolidated balance sheet of our company, determined in
accordance with GAAP.
Debt means notes, bonds, debentures or other
similar evidences of indebtedness for money borrowed.
Funded Obligation means any Debt, the
principal amount of which by its terms is not payable on demand
and the due date of payment of which, after giving effect to any
right of extension or renewal exercisable unilaterally on the
part of the obligor, is more than 18 months from the date
of the creation, issue or incurring of the same.
GAAP means generally accepted accounting
principles which are in effect from time to time in Canada (or,
if we hereafter determine to prepare our principal consolidated
financial statements in accordance with generally accepted
accounting principles which are in effect from time to time in
the United States, such principles).
Guarantee means any guarantee, indemnity or
similar obligation.
Material Subsidiary means any Subsidiary of
our company the sales of which for the 12 months ending at
the end of the most recently completed fiscal year of such
Subsidiary represent 5% or more of the sales of our company and
its consolidated Subsidiaries taken as a whole for the
12 months ending at the end of the most recently completed
fiscal year of our company, or the gross assets of which as at
the end of the most recently completed fiscal year of such
Subsidiary represent 5% or more of the gross assets of our
company and its consolidated Subsidiaries taken as a whole as at
the end of the most recently completed fiscal year of our
company, calculated in each case in accordance with GAAP.
Subsidiary means any corporation of which at
the time of determination our company, directly and/or
indirectly through one or more Subsidiaries, owns more than 50%
of the shares of Voting Stock of such corporation.
Trust Indenture Act or TIA
means the Trust Indenture Act of 1939, as amended as in
force at the date as of which a trust indenture was executed,
except as provided in Section 905 of the trust indenture.
Trust Indenture Legislation means, at any
time, statutory provisions relating to trust indentures and the
rights, duties, and obligations of trustees under the trust
indentures and of corporations issuing debt obligations under
trust indentures to the extent that such provisions are at such
time in force and applicable to the trust indenture, and at the
date of a trust indenture means (i) the applicable
provisions of the Business Corporations Act (Ontario) and
the regulations thereunder as amended or re-enacted from time to
time, and (ii) the Trust Indenture Act and regulations
thereunder, but only to the extent applicable under
Rule 4d-9 under the Trust Indenture Act.
Voting Stock means stock of the class or
classes having general voting power under ordinary circumstances
to elect at least a majority of the board of directors, managers
or trustees of a corporation (irrespective of whether or not at
the time stock of any other class or classes shall have or might
have voting power by reason of the happening of any
contingency). (Section 101)
PLAN OF DISTRIBUTION
We may sell the Debt Securities:
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through underwriters or dealers; |
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directly to one or more purchasers; or |
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through agents. |
We may sell Debt Securities at fixed prices or at non-fixed
prices, such as prices determined by reference to the prevailing
price of the specified securities in a specified market, at
market prices prevailing at the time of sale or at prices to be
negotiated with purchasers, which prices may vary as between
purchasers and during the period of distribution of the
securities. The applicable prospectus supplement will set forth
the terms of the
18
offering of the Debt Securities, including the name or names of
any underwriters, the purchase price of such Debt Securities and
the proceeds to our company from such sale, any underwriting
discounts and other items constituting underwriters
compensation, any public offering price and any discounts or
concessions allowed or reallowed or paid to dealers. Only
underwriters so named in the prospectus supplement are deemed to
be underwriters in connection with the Debt Securities offered
thereby.
If underwriters are used in the sale, the Debt Securities may be
acquired by the underwriters for their own account and may be
resold from time to time in one or more transactions, including
negotiated transactions, at a fixed public offering price or at
varying prices determined at the time of sale. The obligations
of the underwriters to purchase such Debt Securities will be
subject to certain conditions precedent, and the underwriters
will be obligated to purchase all the Debt Securities of the
series offered through the applicable prospectus supplement if
any of such Debt Securities are purchased. Any public offering
price and any discounts or concessions allowed or reallowed or
paid to dealers may be changed from time to time.
We may also sell Debt Securities directly at such prices and
upon such terms as agreed to by our company and the purchaser or
through agents designated by our company from time to time. Any
agent involved in the offering and sale of the Debt Securities
in respect of which this prospectus is delivered will be named,
and any commissions payable by our company to such agent will be
set forth, in the prospectus supplement. Unless otherwise
indicated in the prospectus supplement, any agent is acting on a
best efforts basis for the period of its appointment.
We may agree to pay the underwriters a commission for various
services relating to the issue and sale of the Debt Securities
offered hereby.
In connection with any offering of the Debt Securities, the
underwriters or agents may over-allot or effect transactions
which stabilize or maintain the market price of the Debt
Securities offered at a level above that which might otherwise
prevail in the open market. These transactions, if commenced,
may be discontinued at any time. Underwriters, dealers and
agents who participate in the distribution of the Debt
Securities may be entitled under agreements to be entered into
with our company to indemnification by our company against
certain liabilities, including liabilities under securities
legislation, or to contribution with respect to payments which
such underwriters, dealers or agents may be required to make in
respect thereof. These underwriters, dealers and agents may be
customers of, engage in transactions with or perform services
for our company in the ordinary course of business.
Each series of the Debt Securities will be a new issue of
securities with no established trading market. Unless otherwise
specified in an applicable prospectus supplement relating to a
series of Debt Securities, the Debt Securities will not be
listed on any securities exchange or on any automated dealer
quotation system. Some broker-dealers may make a market in the
Debt Securities, but they will not be obligated to do so and may
discontinue any market-making activities at any time without
notice. There may not be a trading market for the Debt
Securities. See Risk Factors.
CERTAIN INCOME TAX CONSIDERATIONS
The applicable prospectus supplement will describe the material
Canadian federal income tax consequences to an investor who is
not a resident of Canada (for purposes of the Income Tax Act
(Canada)) of acquiring Debt Securities, including whether
payment of principal, premium, if any, and interest will be
subject to Canadian non-resident withholding tax.
A prospectus supplement will also describe any material
U.S. federal income tax consequences of the acquisition,
ownership and disposition of Debt Securities by an initial
investor who is a U.S. person (within the meaning of the
U.S. Internal Revenue Code), including any such
consequences relating to Debt Securities payable in a currency
other than U.S. dollars, issued at an original issue
discount for U.S. federal income tax purposes or containing
any early redemption provisions or other special terms.
19
LEGAL MATTERS
Unless otherwise specified in the prospectus supplement, certain
matters relating to the Debt Securities offered by this
prospectus will be passed upon on behalf of our company by Torys
LLP. As of August 31, 2005, the partners and associates of
Torys LLP beneficially owned, directly or indirectly, less than
1% of our outstanding common shares. Certain partners and an
associate of Torys LLP are assistant secretaries of our company
and certain of our affiliates.
EXPERTS
The consolidated financial statements as at December 31,
2004 and December 31, 2003 and for each of the years in the
two-year period ended December 31, 2004 incorporated by
reference in this prospectus have been so included in reliance
on the report of PricewaterhouseCoopers LLP, an independent
registered public accounting firm, given on the authority of
said firm as experts in auditing and accounting.
DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT
The following documents have been filed with the SEC as part of
the registration statement on Form F-9 of which this prospectus
is a part:
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the documents listed in the fourth paragraph under Where
You Can Find More Information in this prospectus; |
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consents of accountants and counsel; |
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powers of attorney from our directors and officers; and |
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the trust indenture dated November 20, 2001 relating to the
Debt Securities. |
20
PART II
INFORMATION NOT REQUIRED TO BE DELIVERED TO OFFEREES OR
PURCHASERS
Indemnification of Directors and Officers
Under the Business Corporations Act (Ontario), The Thomson
Corporation (the Company) may indemnify a present or
former director or officer or a person who acts or acted at the
Companys request as a director or officer of another
corporation of which the Company is or was a shareholder or
creditor, and his or her heirs and legal representatives,
against all costs, charges and expenses, including an amount
paid to settle an action or satisfy a judgment, reasonably
incurred by him or her in respect of any civil, criminal or
administrative action or proceeding to which he or she is made a
party by reason of being or having been a director or officer of
the Company or such other corporation and provided that the
director or officer acted honestly and in good faith with a view
to the best interests of the Company, and, in the case of a
criminal or administrative action or proceeding that is enforced
by a monetary penalty, such director or officer had reasonable
grounds for believing that his or her conduct was lawful. Such
indemnification may be made in connection with an action by or
on behalf of the Company or such other corporation to procure a
judgment in its favor only with court approval. A director or
officer is entitled to indemnification from the Company as a
matter of right if he or she was substantially successful on the
merits in his or her defense of the action or proceeding and
fulfilled the conditions set forth above.
The by-laws of the Company provide that the Company shall
indemnify a director or officer, a former director or officer or
a person who acts or acted at the Companys request as a
director or officer of a body corporate of which the Company is
or was a shareholder or creditor, and the heirs and legal
representatives of such a person against all costs, charges,
expenses and liabilities incurred while carrying out such acts,
except as prohibited by law.
The by-laws of the Company further provide that the Company may,
to the extent permitted by the Business Corporations Act
(Ontario), purchase and maintain insurance for the benefit of
any director or officer, a former director or officer or a
person who acts or acted at the Companys request as a
director or officer of a body corporate of which the Company is
or was a shareholder or creditor.
A contractual indemnity is provided by The Woodbridge Company
Limited, the Companys principal shareholder, which
indemnifies, subject to certain exclusions, directors and
officers for losses as a result of claims against the directors
and officers of the Company in their capacity as directors and
officers and also reimburses the Company for payments made
pursuant to the indemnity provided by the Company pursuant to
the Business Corporations Act (Ontario) and the by-laws of the
Company.
In addition, the Company has entered into agreements with each
of its directors which indemnify them to the maximum extent
permitted by law.
Insofar as indemnification for liabilities under the Securities
Act may be permitted to directors, officers or persons
controlling the Company pursuant to the foregoing provisions,
the Company has been advised that in the opinion of the
Commission such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable.
II-1
EXHIBITS
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Exhibit |
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No. |
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Description |
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4 |
.1 |
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Annual information form dated March 2, 2004 for the year
ended December 31, 2004 (incorporated by reference from
Thomsons Form 40-F for the year ended
December 31, 2004) |
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4 |
.2 |
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Audited comparative consolidated financial statements as at and
for the years ended December 31, 2004 and 2003, together
with the notes thereto, the accompanying auditors report
thereon and Comments by Auditors for United States of America
Readers on Canada-United States Reporting Differences
(incorporated by reference from Thomsons Form 40-F
for the year ended December 31, 2004) |
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4 |
.3 |
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Managements discussion and analysis for the audited
comparative consolidated financial statements for the years
ended December 31, 2004 and 2003 (incorporated by reference
from Thomsons Form 40-F for the year ended
December 31, 2004) |
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4 |
.4 |
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Management information circular dated March 24, 2005
relating to Thomsons annual meeting of shareholders held
on May 4, 2005, except for the sections entitled
Report on Executive Compensation, Composition
of the Human Resources Committee, Performance
Graph and Statement of Corporate Governance
Practices (which portions shall be deemed not to have been
filed as a part of, or incorporated by reference in, this
Registration Statement) (incorporated by reference from
Thomsons Form 6-K dated March 31, 2005) |
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4 |
.5 |
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Unaudited comparative consolidated financial statements for the
six months ended June 30, 2005 (incorporated by reference
from Thomsons Form 6-K dated July 29, 2005) |
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4 |
.6 |
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Managements discussion and analysis for the unaudited
comparative consolidated financial statements for the six months
ended June 30, 2005 (incorporated by reference from
Thomsons Form 6-K dated July 29, 2005) |
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5 |
.1 |
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Consent of Torys LLP |
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5 |
.2 |
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Consent of PricewaterhouseCoopers LLP |
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6 |
.1 |
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Powers of attorney (included on the signature pages of this
Registration Statement) |
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7 |
.1 |
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Trust Indenture between Thomson and Computershare Trust Company
of Canada, as Trustee, dated November 20, 2001 |
References in this exhibit index to Thomson are to
The Thomson Corporation.
PART III
UNDERTAKING AND CONSENT TO SERVICE OF PROCESS
The Registrant undertakes to make available, in person or by
telephone, representatives to respond to inquiries made by the
Commission staff, and to furnish promptly, when requested to do
so by the Commission staff, information related to the
securities registered pursuant to this Form F-9 or to
transactions in said securities.
II-2
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Item 2. |
Consent to Service of Process |
(a) At the time of filing this Form F-9, the
Registrant is filing with the Commission a written irrevocable
consent and power of attorney on Form F-X.
(b) At the time of filing this Form F-9, Computershare
Trust Company of Canada, a Trustee under the Indenture, is
filing with the Commission a written irrevocable consent and
power of attorney on Form F-X.
(c) Any change to the name or address of the agent for
service of the Registrant or Computershare Trust Company of
Canada, as a Trustee, shall be communicated promptly to the
Commission by amendment to Form F-X referencing the file
number of this Registration Statement.
II-3
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as
amended, the Registrant certifies that it has reasonable grounds
to believe that it meets all of the requirements for filing on
Form F-9 and has duly caused this Registration Statement to
be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Stamford, State of Connecticut, on
this 1st day of September 2005.
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Title: |
Senior Vice President and |
POWER OF ATTORNEY
Pursuant to the requirements of the Securities Act of 1933, as
amended, this Registration Statement has been signed below by
the following persons in the capacities indicated on
September 1, 2005. Each person whose individual signature
appears below hereby authorizes Deirdre Stanley, Stephane Bello
and David Hulland, or any of them, to execute in the name and on
behalf of each such person and to file any amendment to this
Registration Statement, and appoints Deirdre Stanley, Stephane
Bello and David Hulland, or any of them, as attorney-in-fact to
sign on his or her behalf individually and in each capacity
stated below, and to file any amendments to this Registration
Statement, including any and all post-effective amendments.
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Name |
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Title |
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/s/ Richard J.
Harrington
Richard
J. Harrington |
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President, Chief Executive Officer and Director
(principal executive officer) |
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/s/ Robert D. Daleo
Robert
D. Daleo |
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Executive Vice President, Chief Financial Officer and Director
(principal financial and accounting officer) |
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/s/ David K.R. Thomson
David
K.R. Thomson |
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Director |
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/s/ W. Geoffrey Beattie
W.
Geoffrey Beattie |
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Director |
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/s/ Ron D. Barbaro
Ron
D. Barbaro |
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Director |
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Mary
A. Cirillo |
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Director |
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Steven
A. Denning |
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Director |
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V.
Maureen Kempston Darkes |
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Director |
II-4
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Name |
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Title |
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/s/ Roger L. Martin
Roger
L. Martin |
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Director |
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Vance
K. Opperman |
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Director |
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David
H. Shaffer |
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Director |
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/s/ John M. Thompson
John
M. Thompson |
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Director |
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/s/ Kenneth R. Thomson
Kenneth
R. Thomson |
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Director |
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/s/ Peter J. Thomson
Peter
J. Thomson |
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Director |
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/s/ Richard M. Thomson
Richard
M. Thomson |
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Director |
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/s/ John A. Tory
John
A. Tory |
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Director |
II-5
AUTHORIZED REPRESENTATIVE
Pursuant to the requirements of Section 6(a) of the
Securities Act of 1933, the undersigned has signed this
Registration Statement, solely in the capacity of the duly
authorized representative in the United States of The Thomson
Corporation, in the City of Stamford, State of Connecticut, on
this 1st day of September 2005.
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Title: |
Senior Vice President and General Counsel |
II-6
EXHIBIT INDEX
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Exhibit |
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No. |
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Description |
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4 |
.1 |
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Annual information form dated March 2, 2004 for the year
ended December 31, 2004 (incorporated by reference from
Thomsons Form 40-F for the year ended
December 31, 2004) |
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4 |
.2 |
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Audited comparative consolidated financial statements as at and
for the years ended December 31, 2004 and 2003, together
with the notes thereto, the accompanying auditors report
thereon and Comments by Auditors for United States of America
Readers on Canada-United States Reporting Differences
(incorporated by reference from Thomsons Form 40-F
for the year ended December 31, 2004) |
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4 |
.3 |
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Managements discussion and analysis for the audited
comparative consolidated financial statements for the years
ended December 31, 2004 and 2003 (incorporated by reference
from Thomsons Form 40-F for the year ended
December 31, 2004) |
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4 |
.4 |
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Management information circular dated March 24, 2005
relating to Thomsons annual meeting of shareholders held
on May 4, 2005, except for the sections entitled
Report on Executive Compensation, Composition
of the Human Resources Committee, Performance
Graph and Statement of Corporate Governance
Practices (which portions shall be deemed not to have been
filed as a part of, or incorporated by reference in, this
Registration Statement) (incorporated by reference from
Thomsons Form 6-K dated March 31, 2005) |
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4 |
.5 |
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Unaudited comparative consolidated financial statements for the
six months ended June 30, 2005 (incorporated by reference
from Thomsons Form 6-K dated July 29, 2005) |
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4 |
.6 |
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Managements discussion and analysis for the unaudited
comparative consolidated financial statements for the six months
ended June 30, 2005 (incorporated by reference from
Thomsons Form 6-K dated July 29, 2005) |
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5 |
.1 |
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Consent of Torys LLP |
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5 |
.2 |
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Consent of PricewaterhouseCoopers LLP |
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6 |
.1 |
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Powers of attorney (included on the signature pages of this
Registration Statement) |
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7 |
.1 |
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Trust Indenture between Thomson and Computershare Trust Company
of Canada, as Trustee, dated November 20, 2001 |
References in this exhibit index to Thomson are to
The Thomson Corporation.