Welcome to AltaCorp Capital Inc.

Transactions in 2016

    

December 29, 2016 - CanniMed Therapeutics Inc. Completes Initial Public Offering

CanniMed has announced that it has completed an initial public offering of 5,000,000 common shares at a price of $12.00 per common share for aggregate gross proceeds of $60,000,000. CanniMed will be trading on the TSX under the symbol, "CMED". AltaCorp Capital led the syndicate of underwriters.
 
Update: January 30, 2017 - Over-allotment option was exercised for puchase of an additional 750,000 common shares at $12.00 per common share, increasing the aggregate gross proceeds to $69,000,000.
 

 

    

December 23, 2016 - ShawCor Ltd. Closes Bought Deal Financing

ShawCor announced the closing of its bought deal public offering of 5,261,250 common shares at $32.80 per common share for gross proceeds of approximately $173 Million. AltaCorp Capital participated as a member of the underwriting syndicate. 
 

 

    

December 21, 2016 - Bellatrix Exploration Ltd. Announces Closing of Non-Core Asset Sale

Bellatrix Exploration announced that it has completed the sale of non-core assets in the greater Harmattan area of Alberta. Bellatrix received net cash proceeds of ~$65 Million and made a $15 Million vendor take back loan to the purchaser. AltaCorp Capital participated as an advisor to Bellatrix.

 

    

December 21, 2016 - AGT Food and Ingredients Inc. Closes $200 Million Senior Notes Offering

AGT Food and Ingredients announced that it has closed its $200 Million senior notes offering due December 21, 2021.  The notes bear interest at an annual rate of 5.875% and were sold at 100.0% of principal for gross proceeds of $200 Million.
 

 

    

December 13, 2016 - Savanna Energy Services Corp. Closes Debt Financing, Private Placement and Bought Deal Financing

Savanna Energy Services announced that it has closed its financings with AIMCo for a $200 Million second lien senior secured term loan facility and a private placement of 13,000,000 common shares at $1.45 per common share (gross proceeds of approximately $18.85 Million). Savanna also issued 7 million warrants to purchase common shares to AIMCo at an exercise price of $2.50 per common share at any time prior to December 13, 2018.
 
The company also announced the closing of its bought deal offering of 14.95 Million common shares at a price of $1.45 per common share for gross proceeds of $21.68 Millon.
 
AltaCorp was a member of the syndicate of underwriters.
 

 

    

December 12, 2016 - Baytex Energy Corp. Closes $115 Million Bought Deal

Baytex announced the closing of its bought deal financing consisting of 21,907,500 common shares (including over-allotment) at a price of $5.25 per common share for aggregate gross proceeds of ~$115 Million. The net proceeds of the financing will be used to fund the acquisition of heavy oil assets in Peace River, pay down debt, and fund ongoing capital expenditures. 
 
AltaCorp Capital was a member of the syndicate of underwriters.
 

 

    

December 9, 2016 - Distinct Infrastructure Group Inc. Closes $11.5 Million Bought Deal Financing

DUG announced that it has closed its bought deal financing of 8,518,519 common shares at a price of $1.35 per common share for total gross proceeds of $11,500,000. AltaCorp Capital co-led the syndicate of underwriters.
 

 

    

December 8, 2016 - Spartan Energy Corp. Announced Closing of ARC Resources SESK Assets and a $542.6 Million Equity Financing

Spartan announced the closing of its bought deal public offering of 95,852,500 subscription receipts at $3.00 per subscription receipt (including the fully exercised over-allotment option of 12,502,500 subscription receipts) for gross total proceeds of ~$287.6 Million. Prior to the closing of this bought deal public offering, Spartan closed a non-brokered private placement offering of 85,000,000 subscription receipts at $3.00 per subscription receipt for gross proceeds of $255 Million for aggregate gross proceeds of approximately $542.6 Million.
 
AltaCorp Capital was a member of the syndicate of underwriters.
 

 

    

December 6, 2016 - Calfrac Well Services Ltd. Closes $60 Million Private Placement 

Calfrac announced the closing of its $60 Million private placement of 21,055,000 common shares at a price of $2.85 per share, including the exetcising of an over-allotment option. AltaCorp participated as a member of the syndicate of underwriters.
 
The primary use of proceeds will be allocated toward fully funding a second equity cure, with $25mm of the funds raised to be placed in a segregated account that gives the company the option to add these funds to the calculation of EBITDA towards the Company’s funded debt to EBITDA covenant. 

  

November 15, 2016 - Mosaic Capital Corporation Closes Unsecured Subordinated Convertible Debenture Offering

Mosaic Capital Corporation announced the closing of the company's issue of convertible debentures. Mosaic issued $15mm in principal amount of debentures. The debentures bear interest of 7.0%, payable semi-annually in June and December each year with the first payment commencing in June 2017. The $1000 principle amount per debenture is convertible to 111.11 common shares implying a conversion price of $9.00 per share or a ~43% premium. The debentures mature December 31, 2021, and are redeemable at the company’s discretion between December 31, 2019 and December 30, 2020 should shares trade on a volume weighted basis above $11.25 for 20 consecutive trading days. After December 31, 2021, the company, again at its discretion Mosaic may repay the debentures in whole or in part at par plus accrued interest.
 
 

  

   

November 10, 2016 - Veresen Inc. Closes Medium Term Note Offering 

Veresen announced the closing of its offering of $350 million of senior unsecured medium term notes, Series5 (the Notes) that will carry a fixed coupon rate of 3.43% per annum, payable semi-annually. The Notes will mature on November 10, 2021. AltaCorp Capital was a member of the syndicate.
 

 

   

November 7, 2016 - Bellatrix Exploration Ltd. Closes Asset Sale

Bellatrix Exploration announced the closing of the sale of Non-Core Pembina Assets to InPlay Oil Corp. for $47 million. AltaCorp Capital was advisor to Bellatrix Exploration Ltd.
 

 

  

November 4, 2016 - Precision Drilling Corp. Closes Senior Notes Offering

Precision Drilling announced the closing of its private offering of US$350,000,000 aggregate principal amount of 7.75% senior notes due 2023. AltaCorp was a member of the syndicate.
 

  

   

October 31, 2016 - Cequence Energy Ltd. Closes Private Placement Equity Offering

Cequence Energy announced the closing of a flow-through private placement equity deal. AltaCorp was a member of the syndicate. 
The company issued 34.5 mm shares on over-allotment at a price of $0.29/sh for gross proceeds of $10 mm, issued on a CDE flow-through basis
 

 

   

October 28, 2016 - NuVista Energy Ltd. Closes Equity Financing 

NuVista Enregy announced the closing of its public offering of 15,111,000 common shares at a price of $6.85 per share for gross proceeds of $103.5 million. AltaCorp Capital was included in the syndicate of underwriters.
 
 

 

   

October 5, 2016 - Just Energy Group Inc. Closes Convertible Unsecured Senior Subordinated Debentures Offering

Just Energy Group announced the closing of its $160,000,000 public offering 6.75% per annum unsecured senior subordinated debentures at a price of $1,000 per debenture, maturing on December 31, 2021. AltaCorp Capital participated as a member of the syndicate.
 

 

   

September 20, 2016 - Canexus Corporation Announced Closing of Private Placement of Senior Unsecured Notes

Canexus announced that the company has closed the private placement of $110,000,000 7.875% senior unsecured notes due 2023. AltaCorp Capital was part of the syndicate.
 

 

  

September 20, 2016 - Crescent Point Energy Corp. Closes Bought Deal Financing

Crescent Point closed a bought deal financing comprised of 33.7 million shares for gross proceeds of $650 million. AltaCorp Capital was part of the bought deal syndicate.
Of the $650 million in gross proceeds, ~$600 million has been earmarked for capital development ($150 million in Q4/16 and $450 million in H2/17). The additional capital will be allocated to further advance development of Crescent Point’s core Bakken and Shaunavon asset base as well as add another rig in the large oil-inplace and emerging Flat Lake and Uinta areas.
 
 

  

   

September 16, 2016 - Parkland Fuel Corporation Announced Closing of Senior Notes Offering 

Parkland Fuel Corporation announced the closing of its private placement of unsecured notes due September 16, 2024 for aggregate principal amount of $300 million. AltaCorp Capital participated as a member of the syndicate.
 

 

   

September 15, 2016 - IBI Group Inc. Closes Bought Deal Financing 

IBI Group announced the closing of its offering of $40,000,000 principal amount of 5.50% convertible unsecured subordinated debentures due December 31, 2021. AltaCorp Capital was a member of the syndicate of underwriters.
 

 

 

   

September 8, 2016 - Suncor Energy Inc. Announced $1.0 Bn Medium Term Note Offering 

Suncor announced a $1.0 billion senior unsecured debt financing, with the proceeds going towards paying down near term debt. AltaCorp is a member of the syndicate.
The issuance is being done through two tranches: a $700mm note due in 2026 which was priced at a yield of 3.029% and a $300mm note due in 2046 priced at a yield of 4.34%. Of note, the most near term debt on Suncor’s balance sheet today is a $700mm 2018 note which carries an interest rate of 5.8% - highlighting the accretive decision to term out the debt at a more favorable rate.
 

 

  

September 7, 2016 - Enerflex Ltd. Closes Bought Deal Financing  

Enerflex announced that it has closed its previously announced ~9.0 MM share, ~$115 MM bought deal financing, including the full exercise of the overallotment option. AltaCorp was a member of the bought deal syndicate.
In the near-term, the company will use the net proceeds to reduce indebtedness, and will draw on this balance to fund the company’s increased working capital requirements, capital programs and/or potential acquisitions.

  

   

August 24, 2016 - Spartan Energy Corp. Closes Equity Financing

Spartan announced the closing of its $70 Million bought deal financing comprised of 22.1 million shares at $3.18/share (a 3.9% discount to August 3, 2016 closing price of $3.31). The financing included an over-allotment option of 3.315 million shares which was fully exercised bringing total gross proceeds to ~$80.8 Million. AltaCorp Capital was a part of the syndicate of underwriters.

 

  

August 17, 2016 - Inter Pipeline Corporation Closes Subscription Receipt Offering

Inter Pipeline announced the closing of a subscriptions receipt equity issuance of 22.4 million subscription receipts at a price of $26.75 per subscription receipt for gross proceeds of $600,002,500. AltaCorp Capital was a member of the syndicate of underwriters.

   

August 9, 2016 - Canadian Natural Resources Ltd. Issues C$1.0 Bn of Notes

After Market on Aug 9th, Canadian Natural announced that the Company will be issuing medium term notes at a price of C$99.985 per C$100 for total proceeds of C$1.0 billion, yielding 3.313% to maturity.
Management plans to use the proceeds for general corporate purposes and for repayment of existing debt. Recall that the Company has ~C$1.5 bln of US denominated debt due in the next twelve months, of which C$279mm is due this month (and the rest in May 2017). AltaCorp Capital is a member of the syndicate.
 

  

July 26, 2016 - Seven Generations Energy Ltd. Closes Bought Deal Equity Financing 

On July 6, 2016 Seven Generations Energy (7G) announced the acquisition of 155 net sections of Montney lands and approximately 30,000 boe/d of production for total considerations of $1.9bn. AltaCorp Capital was a syndicate participant of the bought deal financing.
 

 

  

July 25, 2016 - Tamarack Valley Energy Ltd. Closes Previously Announced Redwater Acquisition

The company announced that the $25.8mm Redwater acquisition, the second piece of the $85mm acquisition of assets at Penny and Redwater, has closed.
On Monday, June 20th, TVE announced the acquisition of assets at Redwater/Wilson Creek and Penny for total cash considerations of $85mm, and a bought deal financing agreement of $81.6mm. We were a syndicate of the bought deal financing and therefore could not comment until the deal closed this morning.
 

 

  

July 13, 2016 - Birchcliff Energy Ltd. Closes Bought Deal Financing

Birchcliff Energy Ltd. announced that it has closed its previously announced bought deal financing. The company issued 107,520,000 subscription receipts at a price of $6.25 per subscription receipt for gross proceeds of $672.0 Million. AltaCorp participated as part of the underwriting syndicate.
 

 

  

June 29, 2016 - Gear Energy Ltd. Announces Closing of Bought Deal Financing and Business Combination with Striker Exploration Corp. (SKV-V)

Gear announced the business combination with Striker Exploration Corp (SKV-V) along with a bought deal financing on June 7, 2016. AltaCorp took part in the syndicate and was therefore research restricted. 
GXE entered into a bought deal financing comprised of 28.8 mm common shares at $0.70/sh. Additionally, an over-allotment option was included comprised of an additional 3.8 mm share which was fully exercised. Proceeds from the financing totalled $20.1 mm.
Under the arrangement, Striker shareholders received 2.325 Gear shares for each Striker share held. Altogether, Gear purchased Striker for $63.7 million which includes the assumption of $10 million of Striker’s debt.
 

 

  

June 29, 2016 - Toro Oil & Gas Ltd. Announces Closing of Bought Deal Financing 

TOO entered into a bought deal financing on June 15, 2016. AltaCorp Capital was the lead underwriter.
The financing was comprised of 54.8 mm units at $0.23/unit for total gross proceeds of $12.6 mm. Each unit included a common share and half a warrant with an exercise price of $0.40. Proceeds from the financing will be used to reduce debt and drill 3 to 6 net wells in H2/16. 

 

  

June 28, 2016 - PHX Energy Services Corp. Closes Bought Deal Public Offering of 8.6 Million Common Shares

PHX entered into a bought-deal financing with a syndicate of underwriters (including AltaCorp Capital), issuing 7.5 MM shares at a price of $2.70 per share, raising gross proceeds of $20.3 MM. In conjunction with the financing, it increased its 2016 capital program to $8.6 MM, up from $3.6 MM previously.
 

 

  

June 23, 2016 - Suncor Energy Inc. Acquires Additional Stake in Syncrude

After market on June 23rd Suncor announced that it closed the purchase of an additional 5% interest in Syncrude from Murphy Oil, bringing Suncor's share in Syncrude to 53.7% from 48.7% previously.The Company will fund the $937 million acquisition through the proceeds from the previously announced $2.9 billion financing.
 

 

  

June 21, 2016 - Trican Well Service Ltd.Closes 43.1 Million Common Shares Offering

Trican Well Service Ltd. announced that it has closed its previously announced offering of an aggregate of 43,125,00 common shares at $1.60 per share for aggregate gross proceeds of $69 Million. AltaCorp participated as a member of the underwriting syndicate.
 

 

  

June 16, 2016 - Crescent Point Energy Corp. Closes Bought Deal Financing

Crescent Point Energy announced closing of previously announced bought deal financing with gross proceeds of ~$660 Million. AltaCorp Capital participated as a member of the underwriting syndicate.
 

 

  

June 16, 2016 - Bonavista Energy Corporation Closes $100 Million Bought Deal Financing

BNP announced a $100 mm bought deal financing comprised of ~29.6 mm shares including a 15% over-allotment option. The over-allotment was exercised for total gross proceeds of $115 mm and total issuance of 34.3 mm shares. AltaaCorp was a member of the bought deal syndicate.
 

 

  

June 8, 2016 - Canadian Energy Services & Technology Corp. Closed Bought Deal Financing 

CEU has closed its bought deal financing (announced May 18, 2016). AltaCorp was an underwriter in the transaction and was Research restricted. Underwriters purchased 30.7 mm CEU common shares on a bought deal basis, at a price of $3.00 per share, for gross proceeds of $92.0 mm including the over-allotment (net ~$88.3 mm).

 

  

June 7, 2016 - Exchange Income Corporation Closes Bought Deal Financing of 5.25% Convertible Unsecured Debentures

Exchange Income Corporation announced that the company closed its $60mm bought deal financing of 5.25% convertible unsecured debentures at a price of $1,000 per principal amount of debentures. An over-allotment option to purchase $9mm aggregate principal amount at the same price was also exercised in whole, with gross proceeds of $69mm from the financing. The debentures mature on June 30, 2023 and will be convertible at the holder’s option at any time prior to maturity at a conversion price of $44.75 per common share, representing a conversion rate of 22.3464 common shares for each $1,000 principal amount of debentures. The debentures are listed for trading on the Toronto Stock Exchange under the symbol TSX:EIF.DB.H.
 

 

 

June 6, 2016 - AltaGas Ltd. Announces Closing of Common Share Offering

AltaGas closed its $440 million (gross proceeds) common share offering for the issuance of 14.7 million shares, including exercise in full of the overallotment, at a price of $30.00/share. AltaCorp participated as a member of the bought deal syndicate.
 

 

  

June 2, 2016 - Gibson Energy Inc.

Gibsons entered into a bought deal arrangement for gross proceeds of $200 million through the issuance of 12.95 million shares at a price of $15.45/share. AltaCorp participated as a member of the syndicate.
 

 

  

May 30, 2016 - Whitecap Resources Inc. Acquires Husky Energy's SW Saskatchewan Asset Package

 
Whitecap announced the acquisition of Husky Energy’s Southwest Saskatchewan asset package. Whitecap also announced a $470 million financing, of which AltaCorp was part of the bought deal syndicate and therefore restricted from publishing research.
 

 

 

 

May 26, 2016 - Freehold Royalties Ltd. Acquires Husky Royalty Package

HSE and FRU entered into an agreement which will see Freehold acquire an extensive suite of royalty production and fee lands from Husky throughout the WCSB. The transaction will see FRU acquire 2.5 million acres of royalty lands (including 300,000 acres of mineral title lands) for $165mm. Freehold will be funding the purchase through a $190mm bought deal (closed on May 25), consisting of 16.429mm shares at a price of $11.55/share. Additionally, the company concurrently entered into a private placement with its major shareholder (CN Pension Fund) consisting of 1.732mm shares, or $20mm which is expected to be used for debt repayment.
 

  

  

May 25, 2016 - Yangarra Resources Ltd. Closes Bought Deal Financing

On May 25th, 2016, Yangarra Resources announced the completion of an $11.5 Million equity Issuance of 10,000,000 common shares at a price of $1.00 per share. AltaCorp participated as the sole bookrunner.
 

 

  

May 24, 2016 - Keyera Corp. Announces Completion of Public Offering

Keyera announced that it closed a bought deal financing to issue 8.25 million common shares at a price of $36.25/share for gross proceeds of approximately $300 million. There is an overallotment option, exercisable in whole or in part at any time up to 30 days after the closing of the offering, for the underwriters to purchase up to an additional 1.24 million common shares at $36.25/share. AltaCorp participated as a member of the bought deal syndicate.
 

 

  

May 3, 2016 - Kelt Exploration Ltd.

Kelt completed the sale of $75.0 million worth of convertible debentures at 5.0% per annum (maturing in 5 years), as well as a private placement of an additional $15.0 million of convertible debentures to company insiders for gross proceeds of $90.0 million. After three years the debentures can be converted at price of $5.50/sh (a 32% premium to Tuesday’s closing price of $4.17/sh). With the offering has a possible share dilution of 16.4 million or 9.4% over existing shares. AltaCorp participated as a member of the syndicate.
 

 

 

April 20, 2016 - Enbridge Income Fund Holdings Inc. Announced Completion of $575 Million Equity Raise

Enbridge Income Fund Holdings Inc. (ENF) raised, by way of a public offering, $575 million (20.4 million shares at $28.25) in order to fund capital expansion programs well underway. AltaCorp participated as a member of the syndicate of underwriters.
 

 

 

April 20, 2016 - Newalta Corporation Announced Closing of Equity Financing

Newalta announced the closing of its equity financing in which ~31.9 mm common shares (incl. ~2.35 mm over-allotment) were issued at $1.70/sh for gross proceeds of $54.2 mm (net proceeds of $51.6 mm). NAL’s management and directors participated in the offering, purchasing shares worth $1.2 mm in aggregate. The company expects to apply the proceeds to reduce bank indebtedness and for general corporate expenses. Pro forma the offering, NAL will have $26 mm drawn on its credit facility (vs. $77 mm as at March 31, 2016). AltaCorp was a syndicate member and was research-restricted.
 

 

  

April 14, 2016 - Stantec Inc. Closes Public Offering 

Stantec announced that the company has entered into a definitive agreement to acquire MWH, a Broomfield, Colorado-based global engineering, consulting and construction management firm with a focus on water and natural resources infrastructure. The all-cash transaction is valued at ~US$793mm. 
The acquisition is financed through a combination of a $525mm public offering of subscription receipts, an $800mm senior secured revolving credit facility and a $450mm senior secured amortizing non-revolving term credit facility. Stantec completed the $525mm bought deal public offering of 17.36mm subscription receipts at an offer price of $30.25 per receipt. An additional 2.6mm receipts were also issued under the overallotment option for gross proceeds of $79mm.

 

 

  

March 29, 2016 - Canyon Services Group Inc. Closes Bought Deal Offering of Common Shares

Canyon Services Group announced that it has closed its bought deal offering of 15,812,500 common shares at a price of $4.00 per share for total gross proceeds of $63.25 Million. AltaCorp Capital participated as a member of the syndicate of underwriters.
 

 

 

March 29, 2016 - Pembina Pipeline Corporation Closes $555 Bought Deal Financing 

Pembina announced that it entered into an agreement to acquire certain sour natural gas processing assets from Paramount Resources (“Paramount”) for approximately $555 million of cash. The acquired assets include Paramount’s recently constructed Musreau sour gas processing complex and associated infrastructure including gas gathering pipelines, sales gas pipeline and future disposal wells plus Paramount’s engineering studies, licenses and surface rights for the future construction of an additional gas processing facility.
The $555 million purchase price was financed by proceeds from a bought deal financing (10.1 million shares at $34.00 /share for gross proceeds of $345 million) with the remainder funded by existing capacity under the Company’s $2 billion revolving credit facility. AltaCorp participated as a member of the syndicate.
 

  

  

March 22, 2016 - Tidewater Midstream and Infrastructure Ltd. Closes Bought Deal Financing 

Tidewater Midstream announced that it has closed a bought deal financing for 57,500,000 common shares at a price of $1.40 per share for gross proceeds of $80.5 Million. AltaCorp participated as a member of the bought deal syndicate.
 

 

  

March 22, 2016 - Secure Energy Services Inc. Announces Closing of $150 Million Bought Deal Financing

Secure announced the closing of its bought deal financing in which 19,550,000 common shares were issued at $7.65/sh for gross proceeds of ~$150 mm (including the full over-allotment of 2,550,000 shares). AltaCorp Capital was in the syndicate of underwriters.
 

 

  

March 16, 2016 - Spartan Energy Corp. Closes Bought Deal Financing of 39,938,375 Common Shares

SPE announced a bought deal consisting of ~39.9 mm shares ($2.41/sh) for total proceeds of ~$96.3 mm. AltaCorp Capital participated as a member of the bought deal syndicate.
 

 

 

February 10, 2016 - Seven Generations Energy Ltd. Announces Closing of Equity Financing

Seven Generations announced the closing of its recent bought deal equity financing. AltaCorp Capital was a part of the underwriting syndicate. 
Seven Generations issued 21,428,600 (upsized from 18,571,600) common shares at $14.00/sh for total gross proceeds of $300mm. The shares were issued through a bought deal private placement financing.

  

February 19, 2016 - Shaw Communications Inc. Closes Senior Notes Offering

Shaw Communications announced the closing of its offering of $300 Million principal amount of 3.15% senior notes (due 2021). AltaCorp participated as a member of the syndicate.