Too bad no Canadian based dealer has a role in the syndicate and possibly no distribution involvement whatsoever. The TSX common will be directed to qualified institutional investors only based on the Sedar filing.
An opportunity to participate and get paid in an New Issue syndicate is usually tied to what the bank or dealers could have done for the corporation credit wise, long before the corporation decided to issue equity.
From the "Preliminary long form prospectus - English" filed on Sedar.
Our Common Shares are being offered in Canada by Morgan Stanley Canada Limited, Goldman Sachs Canada Inc., Citigroup Global Markets Canada Inc., J.P. Morgan Securities Canada Inc., Barclays Capital Canada Inc., Merrill Lynch Canada Inc., Jefferies Securities, Inc., Wells Fargo Securities Canada, Ltd. and HSBC Securities (Canada) Inc. (collectively, the “Canadian Underwriters”) and in the United States by Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Barclays Capital Inc., BofA Securities, Inc., Guggenheim Securities, LLC, Jefferies LLC, Evercore Group L.L.C., Wells Fargo Securities, LLC, Deutsche Bank Securities Inc., DNB Markets, Inc., HSBC Securities (USA) Inc. and Truist Securities, Inc. (together with the Canadian Underwriters, the “Underwriters”). None of Guggenheim Securities, LLC, Evercore Group L.L.C., Deutsche Bank Securities Inc., DNB Markets, Inc. or Truist Securities, Inc. is registered as an investment dealer in any Canadian jurisdiction and, accordingly, will only sell Common Shares outside Canada and will not, directly or indirectly, solicit offers to purchase or sell Common Shares in Canada.
Morgan Stanley Canada Limited, Goldman Sachs Canada Inc., Citigroup Global Markets Canada Inc., J.P. Morgan Securities Canada Inc., Barclays Capital Canada Inc. and HSBC Securities (Canada) Inc. are subsidiaries or affiliates of banks that are members of the syndicate of lenders under a $1.225 billion revolving credit facility due in June 2023 between BHC and a syndicate of financial institutions. In connection with the Separation, Bausch + Lomb intends to incur approximately $ million of indebtedness under Bausch + Lomb’s new senior term loan facility and enter into a $ million revolving credit facility (expected to be undrawn at closing), for which certain of the Canadian Underwriters may be subsidiaries or affiliates of lenders and we may use a material portion of the proceeds from one or more of such credit facilities to repay certain debt to BHC. Consequently, we, as well as BHC, may be considered a “connected issuer” of each such Canadian Underwriter, in each case under applicable securities laws of Canada in connection with this offering. See “Relationships Between the Company, BHC and Certain Underwriters” in this Canadian Prospectus and “Use of Proceeds” and “Description of Certain Indebtedness” in the U.S. Prospectus. Subscriptions for Common Shares will be received subject to rejection or allotment in whole or in part and the right is reserved to close the subscription books at any time without notice. The closing of this offering is expected to occur on or about or such later date as we and the Underwriters may agree, but in any event, not later than *.