LEXPERT MAGAZINE
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SEPTEMBER 2017 27
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CORPORATE TRANSACTIONS OF IMPORTANCE
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Oil & Gas Oil & Gas
OBSIDIAN ENERGY
COMPLETES $410M
CREDIT FACILITY
CLOSING DATE: MAY 18, 2017
On May 18, 2017, Obsidian Energy Ltd. (for-
merly known as Penn West Petroleum Ltd.)
completed a new reserve-based syndicated
revolving facility.
e syndicate group included nine lend-
ers. Royal Bank of Canada and e Bank of
Nova Scotia acted as co-lead arrangers and
joint bookrunners for the Credit Facility.
e underlying borrowing base for the Cred-
it Facility is $550 million, less the amount of
outstanding pari passu senior notes, such that
Penn West had $410 million of availability
under the Credit Facility as of the closing.
e new Credit Facility amended and
restated in full the $600-million secured
revolving facility Penn West had with a syn-
dicate of domestic and foreign bank lenders.
is new financing is a further example of
Penn West's positive momentum, recovery
and re-growth aer several years of depressed
commodity prices.
Obsidian Energy was represented by Cas-
sels Brock & Blackwell LLP.
e Cassels Brock team included Mark
Rasile and Hilary Fender (financial services).
e Lenders were represented by Torys
LLP. e Torys team included Kevin Foug-
ere, David Kolesar and Tyrel Henderson
(banking and debt finance).
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Consumer Staples
ALTAGAS CLOSES
$2.5B SUBSCRIPTION
RECEIPT OFFERING
CLOSING DATE: FEBRUARY 3, 2017
On February 3, 2017, AltaGas Ltd. (AltaGas)
completed its public offering of 67,800,000
subscription receipts, on a bought deal basis,
at an issue price of $31.00 per subscription
receipt (the Offering Price), for total gross
proceeds of approximately $2.1 billion.
Additionally, AltaGas completed a pri-
vate placement to OMERS, the pension
plan for Ontario's municipal employees, of
12,910,000 subscription receipts at the Of-
fering Price for aggregate gross proceeds of
approximately $400 million.
e syndicate of underwriters for the pub-
lic offering was co-led by TD Securities Inc.,
RBC Capital Markets and J.P. Morgan Secu-
rities Canada Inc. TD Securities Inc., RBC
Capital Markets and J.P. Morgan Securities
Canada Inc. also acted as joint bookrunning
agents on the private placement.
e net proceeds from the public offer-
ing and the private placement will be used to
partially finance the previously announced
$8.4-billion acquisition of WGL Holdings,
Inc. (WGL). WGL is the sole shareholder of
Washington Gas Light Company, a Wash-
ington, DC-based regulated natural gas util-
ity company.
AltaGas was represented by Keith Cha-
twin, Amanda Kousinioris, Brandon Leitch
(securities), Leland Corbett, Amy Nugent
© 2017 Thomson Reuters Canada Limited
00242CD-87413-CE
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