Lakehead U Debenture Issue a Success

(Thunder Bay - November 15, 2005) Lakehead University officials announced today that the University's $100 million debenture issue, which it launched on November 2, has met with resounding success.

University President Dr. Fred Gilbert confirmed that the debentures were snapped up within minutes, saying that, in fact, the issue was "oversubscribed," meaning that there were more institutional and other accredited investors who had expressed interest in purchasing the debentures than there were debentures available.

Michael Pawlowski, Vice President (Administration and Finance), said: "We are obviously very pleased with the outcome of this undertaking, and credit the efforts of RBC Capital Markets for its swift and conclusive success. This will give Lakehead much-needed flexibility to proceed with a number of initiatives to further secure our future."

The net proceeds from the $100 million principal amount of senior unsecured debentures will be used to refinance existing debt, for general corporate purposes, and to establish an internally restricted endowment fund.

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