26 LEXPERT MAGAZINE
|
MARCH 2017
BIG DEALS
aggregate gross proceeds of approximately
$300 million.
e syndicate of underwriters was led by
TD Securities Inc., CIBC Capital Markets,
RBC Capital Markets and Scotiabank, and
also included BMO Capital Markets, Na-
tional Bank Financial Inc., Barclays Capital
Canada Inc., Credit Suisse Securities (Can-
ada) Inc., J.P. Morgan Securities Canada Inc.,
Industrial Alliance Securities Inc. and Ray-
mond James Ltd.
On December 21, 2016, the over-allot-
ment option granted to the underwriters to
purchase up to an additional 994,500 Com-
mon Shares at the Offering Price was exer-
cised in full for additional gross proceeds to
Emera of approximately $45 million, bring-
ing the aggregate gross proceeds raised from
the offering to approximately $345 million.
Emera was represented by an internal team
led by Lewis Smith, John MacLean and Eric
MacRae; and externally by John Macfarlane,
Jay Greenspoon and Daniel Fombonne (se-
curities) and Timothy Hughes (tax) of Osler,
Hoskin & Harcourt LLP.
e underwriters were represented by Joel
Binder, Jeff Hershenfield, Omar Soliman
and Slavica Stojimirovic (securities), Ryan
Abrahamson (tax) and Patrick Duffy (regu-
latory) of Stikeman Elliott LLP.
H&R REIT COMPLETES
$200M BOUGHT
DEAL FINANCING
CLOSING DATE: NOVEMBER 7, 2016
On November 7, 2016, H&R Real Estate In-
vestment Trust ("H&R REIT") completed
a public offering of $200-million principal
amount of 2.923 per cent Series L senior un-
secured debentures due May 6, 2022.
e debentures were sold to a syndicate of
underwriters co-led by BMO Nesbitt Burns
Inc., CIBC World Markets Inc., Scotia Cap-
ital Inc. and TD Securities Inc. e net pro-
ceeds of the offering will be used by H&R
REIT for the repayment of existing indebt-
edness and for general trust purposes.
H&R REIT (TSX: HR.UN) is an open-
ended real estate investment trust. Its port-
folio of 38 office properties, 156 retail proper-
ties, 102 industrial properties, 10 residential
properties and four development projects,
has a fair value totaling around $13 billion
and comprises over 44 million square feet.
H&R REIT was represented by Blake,
Cassels & Graydon LLP with a team that
included William Fung, Eric Moncik, Jer-
emy Ozier and Kendall Grant (securities)
and Jeffrey Trossman, Andrew Spiro and Ian
Caines (tax).
e underwriters were represented by
Goodmans LLP with a team that included
Allan Goodman, Emily Ting and Sarah
Macchione (securities), Ken Herlin and Tyler
D'Angelo (real estate) and Kabir Jamal (tax).
Consumer Services Energy & Power Pipelines
Aerospace & Defence Automotive Materials
Utilities Financials Health Research
Media & Entertainment Recreation & Leisure Advertising & Marketing
E-Commerce Construction & Engineering
Consumer Staples
SHAWCOR COMPLETES
$173M COMMON SHARE
EQUITY FINANCING
CLOSING DATE: DECEMBER 23, 2016
On December 23, 2016, Shawcor Ltd.
("Shawcor") completed a bought deal offer-
ing of 5,261,250 common shares of Shawcor,
including 686,250 common shares pursuant
to the full exercise of the over-allotment op-
tion, at a price of $32.80 per common share
(the "Offering") for aggregate gross proceeds
of approximately $173 million.
e Offering was underwritten by a syndi-
cate led by TD Securities Inc. that included
National Bank Financial Inc., Scotiabank,
AltaCorp Capital Inc., Cormark Securities
Inc., BMO Capital Markets, HSBC Secur-
ities (Canada) Inc., Industrial Alliance Se-
curities Inc., J.P. Morgan Securities Canada
Inc. and RBC Capital Markets.
Shawcor was represented by an internal
team led by Darrell Ewert and Tim Hutzul.
Shawcor was represented externally by
Simon Romano, Laura Levine and Victoria
Zaric (securities) and Lindsay Gwyer and
Eryn Fanjoy (tax) of Stikeman Elliott LLP.
e underwriters were represented by a
team from Osler, Hoskin & Harcourt LLP
comprising Doug Bryce, Tara Law and Reb-
ecca Wainstein (securities).
Oil & Gas Oil & Gas Oil & Gas
SOURCE ENERGY
COMPLETES $130M NOTE
OFFERING AND AMENDS
CREDIT FACILITIES
CLOSING DATE: DECEMBER 8, 2016
On December 8, 2016, Source Energy Ser-
vices Canada LP ("Source LP") and Source
Energy Services Canada Holdings Ltd.
("Source Holdings" and together with
Source LP, "Source") completed its offering
of $130-million aggregate principal amount
of senior secured first lien notes (the "Notes").
e Notes, due December 15, 2021, bear in-
terest at an annual rate of 10.5 per cent.
e Notes were offered in all provinces of
Canada and in the United States by BMO
Nesbitt Burns Inc. and Raymond James Ltd.
(collectively, the "Initial Purchasers") by way
of a private placement under applicable se-
curities laws.
