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
32 www.lexpert.ca Big Deals COMPILED BY ZENA OLIJNYK AND KIEZZSA CRUZ > ENERGY DEALS Jennifer Lee, and Zachary Kling (Tax); Alexandria Pike and Robyn Barabash (Environmental and Indigenous); and Jim Dinning (Competition, Antitrust, and Foreign Investment). Goldman Sachs was represented by Vinson & Elkins LLP (United States) and Osler Hoskin & Harcourt LLP (Canada). Osler's team consisted of James Brown and Aqeel Virk (Corporate); Kaeleigh Kuzma and Danielle Chu (Competition & Antitrust); Damian Rigolo and Carrington Hickey (Employment & Labour); Patrick Welsh (Environmental); Julien Ranger and Jonathan Wypych (Pensions & Benefits); Ryan Nielsen and Joshua Disenhouse (Real Estate); and Matias Milet, Dov Begun, and Jennifer Horton (Tax). HERITAGE ROYALTY SELLS WESTERN CANADIAN ROYALTY ASSETS TO PRAIRIESKY FOR $728 MILLION CLOSING DATE: DECEMBER 17, 2021 On December 17, 2021, Heritage Royalty completed its $728-million sale of 1.9 million acres of royalty lands in Alberta, Saskatchewan, and Manitoba to PrairieSky Royalty, including 1.7 million net acres of fee simple mineral title lands. e transaction increases PrairieSky's significant oil and natural gas royalty acreage position by adding over 1.9 million acres of royalty interest lands, providing PrairieSky with a vast undeveloped land position for future leasing and royalty-generating oppor- tunities and the perpetual optionality that exists only with fee simple mineral title. e transaction also adds 2,700 BOE per day of current royalty production volumes, which are expected to generate approximately $65 million of royalty production revenue. e transaction also results in a significant return on investment for Heritage which it anticipates redeploying to incentivize development on its highly prospective inven- tory of undeveloped lands. e transaction was funded through a new $500-million term loan provided by TD Securities Inc., and a concurrent $200 million bought deal equity financing led by TD Securities Inc. and R BC Capital Markets as joint bookrunners and co-led by CIBC Capital Markets and BMO Capital Markets on behalf of a syndicate of underwriters. Bennett Jones LLP acted for Heritage Royalty with a team led by Vivek Warrier and included Megan Ollivier and Julia Pasieka (Corporate + Oil & Gas); Beth Riley (Competition); and Greg Johnson (Tax). Blake Cassels & Graydon LLP acted as counsel for PrairieSky with a team led by Christine Milliken and that included Stephanie Symonds-D'Arcey. McCarthy Tétrault LLP advised PrairieSky in respect of Competition Act matters with a team led by Jason Gudofsky that included Alyson Goldman (Business), and Michael Caldecott and Gideon Kwinter (Competition). TRANSALTA RENEWABLES SUBSIDIARY WINDRISE WIND COMPLETES $172-MILLION GREEN BOND OFFERING CLOSING DATE: DECEMBER 6, 2021 Windrise Wind LP, an indirect wholly owned subsidiary of TransA lta Renewables Inc., completed a $172 .8- million green bond offering, which is secured by a first ranking charge over all assets of Windrise, including a 206.4 megawatt wind-generating facility located in the Municipal District of Willow Creek No. 26, A lberta, on approximately 11,000 acres of privately owned land. The facility achieved commercial operations on November 10, 2021, and has a 20-year offtake agree- ment with the A lberta Electric System Operator (A ESO). e bonds are amortizing and bear interest from their date of issue at a rate of 3.412 percent and mature on September 30, 2041. Payments on the bonds will be interest-only to and including December 31, 2022, with quarterly blended payments of principal and interest commencing on March 31, 2023. e bonds are aligned with the four components of the 2021 International Capital Markets Association Green Bond Principles. Norton Rose Fulbright LLP acted as counsel for Windrise Wind, with a team led by Nicole Sigouin (Business Law) and supported by Evelyn Li, Russell Dufault, Mark Bissegger, Eric Vice, Annette Lambert, and R ichard Li (Business Law). McCarthy Tétrault LLP acted for the bondholders with a team led by Gordon Baird and supported by Audrey Bouffard-Nesbitt, Rebecca Scott, Kim Howard, Michael Eldridge, Will Horne, and Elizabeth Rafferty. ATCO ACQUIRES ALBERTA HUB GAS STORAGE FACILITY FROM ARCLIGHT AND IBERDROLA CANADA CLOSING DATE: December 2, 2021 On December 2 , 2021, ATCO Energ y Solutions Ltd. (ATCO) acquired a 100 percent equity interest of the A lberta Hub natural-gas storage facility owners, Amphora Canada Gas Storage ULC, an affiliate of ArcLight Capital Partners and Iberdrola Canada Energ y Ser vices, a subsidiary of Scottish Power. ATCO will now own and operate the A lberta Hub facility, located near Edson,