EQUITY

OSCA Inc. (NASDAQ: OSCA), Lafayette, La., registered an initial public offering of Class A common shares for $143.75 million with the Securities and Exchange Commission. The well completion service and supply company will sell the stock in conjunction with its impending separation from Great Lakes Chemical Co. (NYSE: GLK), of which it currently is a subsidiary. Salomon Smith Barney is lead underwriter. Morgan Stanley Dean Witter and Simmons & Co. International are co-underwriters. OSCA will use proceeds of the IPO and approximately $31 million that it intends to borrow under a proposed credit facility to repay outstanding debt to Great Lakes. The West Lafayette, Ind., chemical company will continue to hold an interest in OSCA as Class B common shares. The extent of Great Lakes' stake will determine the size and price of the Class A equity offering. Great Lakes has not determined if it will divest its holding or whether it would do so as a spinoff or split-off to its shareholders, or by some other means, OSCA said. Duke Energy Field Services, Denver, the company formed to combine the North American midstream natural gas businesses of Phillips Petroleum Co. (NYSE: P) and Duke Energy Corp. (NYSE: DUK), registered an IPO of common stock with the SEC. The joint venture will use estimated proceeds of approximately $800 million to repay debt incurred with its formation. Morgan Stanley Dean Witter and Merrill Lynch & Co. are co-lead managers of the offering, with Banc of America Securities LLC, Lehman Brothers Inc., J.P. Morgan & Co., PaineWebber Inc. and Petrie Parkman & Co. as co-underwriters. Sierra Well Service Inc., Midland, Texas, registered an IPO of approximately $60 million in common stock with the SEC. Prudential Securities Inc. will act as lead manager of the offering. Johnson Rice & Co. and Simmons & Co. International are co-managers. The company provides a range of services to help producers drill and maintain wells with a fleet of servicing rigs and fluid services equipment. Including rigs that will be acquired in transactions that will close upon completion of this offering, Sierra expects to have the nation's third largest well servicing rig fleet. Dynegy Inc. (NYSE: DYN), Houston, filed a $500 million universal shelf registration with the SEC. The shelf covers the diversified gas supplier's plan to issue approximately $250 million in equity as part of the financing for its recent merger with Illinova Corp. Dynegy also registered 6.5 million common shares that underlie its Series A convertible preferred stock held by affiliates of B.G. Group Plc. (NYSE: BG) and Nova Chemicals Corp. Caribou Capital Corp. has agreed to acquire up to 8,609,000 units of Petrobank Energy and Resources Ltd. (TSE: PBG), Calgary, for C$12.9 million, or C$1.50 per unit. Each unit will consist of one Series A preferred share and one common share warrant. Caribou, which was formed by Pacalta Resources Ltd.'s senior management team after Alberta Energy Co. (NYSE: ANG) bought Pacalta in mid-1999, also entered a five-year management services agreement with Petrobank. Caribou can convert the Series A preferred, which will bear a 6 % dividend based on their paid up value, into common stock of the producer on a one-to-one basis at any time. The share purchase warrants will be exercisable to acquire one common share per warrant for a period of 30 months at C$1.50 per share. APF Energy Trust (TSE: APF.U), Calgary, raised C$8.16 million as it closed the first portion of its recently announced C$10-million new issue of trust units. Research Capital Corp. led the offering syndicate, which included National Bank Financial Inc. and HSBC Securities (Canada) Inc. The oil and gas trust will use proceeds initially to reduce bank debt, making it more flexible in considering new acquisitions and development projects on its existing properties. With the issuance of 1,117,607 new units at C$7.30, the trust now has 7,007,529 units outstanding. Derek Resources Corp. (CDNX: DRS), Vancouver, B.C., will privately place up to 8 million units at C75 cents each to raise up to C$6 million for its project in Wyoming's Powder River Basin. Each unit has one common share of the independent producer and a two-year share purchase warrant. The warrants will be exercisable for C$1 in their first year and C$1.25 in their second year. Subscribers to the issue include Masefield A.G., a Swiss petroleum and financial trading company, for U.S.$500,000 and Bateman Engineering Inc. of South Africa for U.S.$250,000. Derek said that the balance of the financing will come from various other investors.