Lexpert magazine features articles and columns on developments in legal practice management, deals and lawsuits of interest in Canada, the law and business issues of interest to legal professionals and businesses that purchase legal services.
Issue link: https://digital.carswellmedia.com/i/1480511
36 www.lexpert.ca Big Deals COMPILED BY ZENA OLIJNYK AND KIEZZSA CRUZ > ENERGY DEALS Resources Ltd. (Strathcona) and affiliates of Waterous Energy Fund (WEF) jointly acquired all the outstanding shares of Caltex Resources Ltd. (Caltex), a private oil company with high-margin enhanced oil recovery (EOR) assets proximate to Strathcona's Lloydminster heavy oil EOR operations. At the time of acquisition, Caltex produced around 13,000 BOE/D (98 percent oil). Blake Cassels & Graydon LLP repre- sented Strathcona and WEF with a team led by Kevin Kerr (Corporate/M&A) and Olga Kary (Securities/M&A), and that included Carrie Aiken, Ahmed Elsaghir, Zvi Halpern-Shavim, and Derrick Osborne (Tax); de Lobe Lederman and Birch Miller (Employment); Sean Maxwell (Pensions); Courtney Carston, Kristopher Simard, and Chad Schneider (Securities/M&A); Renee Reichelt and Randell Trombley (Litigation); Drew Campbell, Simon Lidster, Aaron Palmer, and Daniel Rosario (Financial Services); Erik Fleming and Ashton Menuz (Corporate/M&A); and Kevin MacDonald and Tori Skot (Competition). Cassels Brock & Blackwell LLP repre- sented Caltex with a team led by Josef Hocher and Daniel Zuniga (Securities and M&A) and that included Lindsay Clements, Robert Hamilton, and John Norman (Business and M&A); Keith Templeton and Chris McLelland (Energy); Douglas Richardson and Corinne Grigoriu (Tax); Bryan Woodman (Banking & Specialty Finance); and Natalie ompson (Articling Student). BRUCE POWER ISSUES FIRST GREEN BOND GLOBALLY FOR NUCLEAR POWER IN $500-MILLION DEAL CLOSING DATE: NOVEMBER 22, 2021 On November 22, 2021, Bruce Power L.P. announced the issuance of $500 million in Green Bonds, which is a global first for nuclear power, a recognition of the critical role the technology plays in fighting climate change and enabling a "net zero" future. As the first-of-its-kind offering, this trans- action represents a pathfinder offering that has opened the possibility for other green bond offerings by nuclear power issuers. e proceeds from this historic Green Bond offering will be used or allocated in accordance with Bruce Power's Green Financing Framework to finance or refinance eligible investments associated with life extension and increasing output of existing units, both of which contribute to Canada's prosperous, clean energy future, and advance its climate change objectives. Bruce Power is an electricity company based in Bruce County, Ontario, that has a reputation for delivering clean, reliable, low-cost nuclear power across the province. McCarthy Tétrault LLP advised Bruce Power L.P. with a team led by Andrew Parker that included David Lever, Sean O'Neill, George Vegh, Patrick Boucher, Robin Mahood, Michael J. Bennett, Victoria de Luna, and Jaclyn Wang (Business); Joanna Rosengarten and Bryn Gray (Environmental); Dean Xiao, Stefanie Morand, and Patrick McCay (Tax); and Reena Goyal (Litigation). Torys LLP served as counsel to the syndicate of agents co-led by BMO Capital Markets, HSBC Securities (Canada), and TD Securities with a team that included Michael Zackheim, Brett Saulnier, and Alison Shamie (Corporate/Securities); and Andrew Wong (Tax). PARADIGM CAPITAL, PETERS & CO. CO-LEAD IN BONTERRA ENERGY'S $39.5-MILLION PRIVATE PLACEMENT CLOSING DATE: NOVEMBER 10, 2021 On November 10, 2021, Bonterra Energ y Corp. announced that it had completed its previously announced $7.5-million follow-on private placement. The offering consisted of 7,500 units issued at a price of $1,000 per unit. The company intends to use the net proceeds of the follow-on offering for general corporate purposes. The offering was led by Paradigm Capita l Inc. and Peters & Co. Limited as agents. McCarthy Tétrault LLP advised Paradigm Capital and Peters & Co., with a team led by Alyson Goldman that included Jessica Brown and Maria Rooney. Borden Ladner Ger vais LLP acted as opposing counsel. ENBRIDGE COMPLETES TWO MEDIUM-TERM NOTES FOR $1.5 BILLION CLOSING DATE: SEPTEMBER 21, 2021 On September 21, 2021, Enbridge Inc. completed the offering of two tranches of medium-term notes by way of pricing supplements to its existing base shelf prospectus: issue of $1,100,000,000 prin- cipal amount 3.10 percent sustainabil- ity-linked medium-term notes due 2033 and issue of $400,000,000 principal amount 4.10 percent medium-term notes due 2051. Enbridge Inc., based in Calgary, is a Canadian multinational energy transportation company. McCarthy Tétrault advised Enbridge Inc. with a team led by John Osler QC that included Toby Allan and Simran Choongh (Business Law). Dentons Canada LLP served as opposing counsel, with a team led by Dan Shea and included Joshua Mamdani.