On August 21, 2025, British Columbia Investment Management Corporation (BCI), acting in respect of the assets of the Combined Funds held in trust, finalized a C$1.5 billion re-opening of its 4.00% senior unsecured notes, Series 3, due June 2, 2035. This private placement increases the total outstanding principal of the Series 3 notes to C$3.0 billion, following the initial C$1.5 billion issuance on May 16, 2025.

The offering was conducted through a syndicate of agents co-led by BMO Nesbitt Burns Inc., CIBC World Markets Inc., and RBC Dominion Securities Inc., with additional participation from Desjardins Securities Inc., Scotia Capital Inc., TD Securities Inc., Laurentian Bank Securities Inc., and National Bank Financial Inc.

Torys acted as legal counsel to BCI regarding the assets of the Combined Funds, while McCarthy Tétrault advised the syndicate of agents. BCI, headquartered in Victoria, British Columbia, is one of Canada’s largest institutional investors, managing C$251.6 billion in net assets as of March 31, 2025, and providing investment management services to over 30 British Columbia public sector clients.