Attached files
file | filename |
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8-K - FORM 8-K - POTASH CORP OF SASKATCHEWAN INC | o66891e8vk.htm |
EX-1.A - EXHIBIT 1(A) - POTASH CORP OF SASKATCHEWAN INC | o66891exv1wa.htm |
EX-4.A - EXHIBIT 4(A) - POTASH CORP OF SASKATCHEWAN INC | o66891exv4wa.htm |
EX-5.A - EXHIBIT 5(A) - POTASH CORP OF SASKATCHEWAN INC | o66891exv5wa.htm |
EX-5.B - EXHIBIT 5(B) - POTASH CORP OF SASKATCHEWAN INC | o66891exv5wb.htm |
EX-4.B - EXHIBIT 4(B) - POTASH CORP OF SASKATCHEWAN INC | o66891exv4wb.htm |
EX-8.B - EXHIBIT 8(B) - POTASH CORP OF SASKATCHEWAN INC | o66891exv8wb.htm |
EX-23.D - EXHIBIT 23(D) - POTASH CORP OF SASKATCHEWAN INC | o66891exv23wd.htm |
EX-23.C - EXHIBIT 23(C) - POTASH CORP OF SASKATCHEWAN INC | o66891exv23wc.htm |
Exhibit 8(a)
[Davies Ward Phillips & Vineberg LLP Letterhead]
November 22, 2010
010226-234068
Potash Corporation of
Saskatchewan Inc.
Suite 500
122 1st Avenue South
Saskatoon, Saskatchewan
S7K 7G3
Saskatchewan Inc.
Suite 500
122 1st Avenue South
Saskatoon, Saskatchewan
S7K 7G3
RE:
|
Potash Corporation of Saskatchewan Inc. Issuance of U.S. $500,000,000 principal amount of 3.25% Notes due December 1st, 2017 and $500,000,000 principal amount of 5.625% Notes due December 1st, 2040 |
Dear Sirs,
1. We have acted as Canadian tax counsel to Potash Corporation of Saskatchewan Inc. (hereinafter
referred to as PCS) in connection with the issue and sale (hereinafter referred to as the
Offering) by PCS of U.S. $500,000,000 principal amount of its 3.25% Notes due December
1st, 2017 and U.S. $500,000,000 principal amount of its 5.625% Notes due December
1st, 2040 (hereinafter collectively referred to as the Notes), under the Registration
Statement on Form S-3 filed by PCS with the Securities and Exchange Commission on June 28, 2010
(Registration No. 333-167833) (hereinafter referred to as the Registration Statement).
2. You have requested our opinion in regard to the disclosure set forth in the Prospectus
Supplement (as hereinafter defined) in the section entitled Canadian Federal Income Tax
Considerations under the said caption (the said section being hereinafter referred to as the
Canadian Tax Section).
3. For the purpose of expressing our opinion set forth below, we have examined a copy of each of
the following:
(i) | the indenture (hereinafter referred to as the Indenture) between PCS and The Bank of Nova Scotia Trust Company of New York, dated as of February 27, 2003; |
Page 2
(ii) | the prospectus supplement dated November 22, 2010 (hereinafter referred to as the Prospectus Supplement) to the prospectus dated June 28, 2010 which was part of the Registration Statement (hereinafter referred to as the Base Prospectus) and together with the Prospectus Supplement, the Prospectus) to the Base Prospectus; |
(iii) | that certain terms agreement (hereinafter referred to as the Terms Agreement) among PCS and the Underwriters dated November 22, 2010, including the underwriting agreement forming part thereof (hereinafter referred to as the Underwriting Agreement); |
(iv) | a specimen of the global note certificates representing the Notes to be issued by PCS pursuant to the Offering; |
(v) | a resolution adopted by the Board of Directors of PCS on November 19, 2010 authorizing the Chief Financial Officer acting with any one other officer of PCS (hereinafter referred to as the Authorized Persons) to establish the terms of the Notes and to authorize the issuance of the Notes (hereinafter referred to as the Resolution); and |
(vi) | a copy of a document entitled Potash Corporation of Saskatchewan Inc. Authorization and Issuance of Debt Securities adopted by the Authorized Persons on November 22, 2010 (hereinafter referred to as the Officers Authorization); |
and we have assumed that the descriptions of the Notes set forth in the Prospectus are, as at the
date hereof, true, correct and complete. In such examination, we have assumed the genuineness of
all signatures and the conformity to original documents of all documents delivered to us as
certified, facsimile or photostatic copies.
4. We have also assumed for the purpose of rendering our opinion set forth below that (i) there are
no agreements or understandings, other than the Indenture, the Resolutions and the Officers
Authorization whether in written form or otherwise, pertaining to the repayment by PCS of the
Notes; (ii) PCS shall have no obligation to permit the conversion of Notes into common shares or
preferred shares of PCS; (iii) the holders of the Notes shall have no special rights in addition to
those provided in the Indenture and the Officers Authorization upon the occurrence of any
particular event; (iv) the Notes shall be issued, subject to receipt by PCS of the purchase price
for the Notes; and (v) the amount of payments of principal of (and premium, if any) or interest, if
any, on the Notes shall not be contingent or dependent on the use of or production from property in
Canada or computed by reference to revenue, profit, cash flow, commodity price or any similar
criterion or by reference to dividends paid or payable.
Page 3
5. The opinion expressed below is limited to the federal laws of Canada, as at the date of this
opinion letter, and no opinions are expressed herein with respect to any laws of any other
jurisdiction.
6. Based upon the foregoing and subject to the assumptions, limitations, qualifications and
conditions set out in the Canadian Tax Section, the statements made in the Canadian Tax Section,
insofar as they relate to matters of Canadian federal income tax law, constitute a fair summary of
the matters so discussed and applicable to a holder of Notes who is neither resident nor deemed to
be resident in Canada for purposes of the Income Tax Act (Canada) and the regulations thereunder
(hereinafter collectively referred to as the Act), and any applicable tax treaty. In preparing
the statement contained in such summary, we have taken into account, but can express no opinion on,
our understanding of the current published administrative practices and policies of the Canada
Revenue Agency, and all specific proposals to amend the Act publicly announced by or on behalf of
the Minister of Finance (Canada) prior to the date hereof.
7. The opinion set forth above is given as of the date hereof and we undertake no responsibility,
and expressly disclaim any obligation, to advise you of any changes in the law or the facts which
might be brought to our attention subsequent to the date hereof.
8. This opinion is addressed to you and is solely for your benefit and is not to be relied upon by
any other person or for any purpose other than in connection with the Offering.
Yours very truly,
/s/ Davies Ward Phillips & Vineberg LLP
Davies Ward Phillips & Vineberg LLP