EQUITY | ||
Pengrowth Corp./Toronto: PGF-UN/Calgary | C$526.8 million | Privately placed 23.3 million units at C$22.60 each to fund the acquisition of the Carson Creek assets in Alberta, pay debt on its revolving credit facility and for general corporate purposes. RBC Capital Markets was lead underwriter and BMO Capital Markets, CIBC World Markets Inc., Scotia Capital Inc., National Bank Financial Inc., TD Securities Inc., HSBC Securities (Canada) Inc., Sprott Securities Inc., Canaccord Capital Corp., Raymond James Ltd., Dundee Securities Corp., FirstEnergy Capital Corp. and Peters & Co. Ltd. were underwriters. |
Augustus Energy Partners LLC/NA/Billings, Mont. | US$228 million | Closed a private-equity commitment with Greenhill Capital Partners, Kayne Anderson Capital Advisors and Lime Rock Partners to fund acquisitions and operations. |
Bristow Group Inc./NYSE: BRS/Houston | US$222.8 million | Issued 600,000 5.5% mandatory convertible preferred shares to underwriters as over-allotment for US$29.1 million. |
Universal Compression Partners LP/Nasdaq: UCLP/Houston | US$115.5 million | Priced its initial public offering of 5.5 million units at US$21 each, representing 42.6% of the company's outstanding equity. Merrill Lynch & Co. and Lehman Brothers are joint book-running managers, Wachovia Securities is joint lead manager and A.G. Edwards and Deutsche Bank Securities are co-managers. |
Breitburn Energy Partners LP/Nasdaq: BBEP/Los Angeles | US$111 million | Priced its initial public offering of 6 million units at US$18.50 each. RBC Capital Markets Corp. and Citigroup Global Markets Inc. are joint book-running managers and joint-lead managers, Credit Suisse Securities (USA) LLC is senior co-manager and A.G. Edwards & Sons Inc., Wachovia Capital Markets, LLC, Deutsche Bank Securities Inc. and Canaccord Adams Inc. are co-managers. |
Endeavour International Corp./Amex: END/Houston | US$82.3 million | Will publicly offer 35 million shares at US$2.35 each to fund the acquisition of properties offshore the U.K. from Talisman Energy. Joint book-running managers are J.P. Morgan Securities Inc. and Credit Suisse Securities (USA) LLC. |
EV Energy Partners LP/Nasdaq: EVEP/Houston | US$78 million | Priced its initial public offering of 3.9 million units at US$20 each. The managers of the offering include A.G. Edwards & Sons Inc. as representative and sole book-running manager, Raymond James & Associates Inc. as co-lead manager and Wachovia Capital Markets LLC and Oppenheimer & Co. as co-managers. |
Leaf Financial Corp./NA/Philadelphia | US$60 million | Publicly offered shares of Lease Equity Appreciation Fund II LP. |
Blake Offshore LLC/NA/New Orleans | US$51 million | Received investment through subordinated notes and Class B units from equity firm Avista Capital Partners to retire debt and fund costs associated with the upgrade of two drilling rigs. |
Petro Andina Resources Inc./NA/Calgary | US$41.1 million | Privately placed 6.3 million shares at C$6.50 each to fund ongoing exploration of the CNQ-7/A Block in the Neuquén Basin of Argentina. |
Storm Cat Energy Corp./Amex: SCU; Toronto: SME/Calgary | C$23.1 million | Closed the private placement of 7.6 million units at C$1.58 each and 6.2 million flow-through shares at C$1.80. Proceeds from the units will pay debt incurred from the acquisition of and exploration expenses of the Powder River Basin assets in Wyoming and for general corporate purposes. Proceeds from the flow-through share sale will fund exploration and development expenses. |
Pegasus Oil & Gas Inc./Toronto Venture: POG.A/Calgary | C$18 million | Privately placed 8.2 million subscription receipts at C$2.20 each to fund the central Alberta acquisition and on-going development and exploration. FirstEnergy Capital Corp. was lead syndicate agent and Canaccord Capital Corp., GMP Securities LP and Tristone Capital Inc. were agents. |
Petrolia/Toronto Venture: PEA/Rimouski, Quebec | C$17.5 million | Plans to privately place 10 million shares between two European investment groups at C$1 each and 6 million warrants between the two groups at C$1.25 each to fund development projects in the Gaspe area of Quebec. |
Zion Oil & Gas Inc./Amex: ZN/Dallas | US$14 million | Priced its initial public offering of 2 million shares at US$7 each. |
Radial Energy Inc./OTCBB: RENG/Houston | US$13.8 million | Issued 9.2 million warrants to Cornell Capital Partners LP exercisable from US$0.75 to US$1.50 each to fund the Block 100 project in Peru, the Cherokee County prospects in Texas and the Bosques project in Colombia. |
Particle Drilling Technologies Inc./Nasdaq: PDRT/Houston | US$11.8 million | Sold 5 million shares at US$2.35 each to manufacture additional proportional-integral-derivative systems, fund the development of a new particle injection system and fund additional research and development and for general corporate purposes. RBC Capital Markets and Tejas Securities Group, Inc. were co-placement agents. |
Index Oil and Gas Inc./OTCBB: IXOG/Houston | US$10.9 million | Privately placed approximately 2.7 million shares at approximately US$1.43 each for a total US$3.9 million, adding to the US$7.1 million already raised. |
Austral Pacific Energy Ltd./Toronto Venture: APX; Amex: AEN/Wellington, New Zealand | US$6.5 million | Privately placed 5 million shares at US$1.30 each to fund the acquisition of Arrowhead Energy Ltd. |
Georgia Exploration Inc./OTCBB: GXPL/Vancouver | US$5 million | Plans to complete a non-brokered equity financing of 5 million units at US$1 each to fund the acquisition of Wharton Resources Ltd.'s assets in Canada. |
CompuPrint Inc./OTCBB: CPPT/New York | US$2.1 million | Issued 10 million shares at US$0.21 each to Enficon Establishment and its affiliate Kiev Investment Group in exchange for the surrender of US$5 million of debt due 2007 and 2008. |
Curlew Lake Resources Inc./Toronto Venture: CWQ/Langley, British Columbia | C$1.5 million | Plans to privately place 7.5 million flow-through units at C$0.20 each to fund the completion of the first stage of the Metis gas drilling program in Alberta. |
True North Energy Corp./OTCBB: TNEN/Houston | US$1 million | Privately placed approximately 300,000 units at approximately US$3.36 each to fund drilling programs. |
Raptor Capital Corp./Toronto Venture: RCP/Calgary | C$800,000 | Privately placed the first tranche of a non-brokered financing of 16 million units at C$0.05 each to fund the completion of three wells and the drilling of up to eight wells in northeast Alberta. |
Gastem Inc./Toronto Venture: GMR/Montreal, Quebec | C$500,000 | Privately placed 2.8 million flow-through shares at C$0.18 each to 1256456 Alberta Ltd. to fund exploration on its Yamaska property in Quebec. |
DEBT | ||
CB&I/NYSE: CBI/The Woodlands, Texas | US$850 million | Entered a five-year revolving credit facility, amending its previous US$600 million facility. JPMorgan Chase Bank, National Association and Bank of America NA are lead syndicate agents and Wells Fargo Bank NA, Bank of Montreal, BNP Paribas and The Royal Bank of Scotland Plc. are agents. |
Swift Energy Co./NYSE: SFY/Houston | US$500 million | Increased its revolving credit facility from US$400 and extended expiration from Oct. 1, 2008, to Oct. 3, 2011, to fund its acquisition of assets in South Louisiana. JPMorgan Securities Inc. was arranger and Amegy Bank National Association, Bank of Scotland, BNP Paribas, Calyon, Comerica Bank, Compass Bank, JPMorgan Chase Bank NA, Natexis Banques Populaires, Societe Generale and Wells Fargo Bank National Association were agents. |
Anadarko Petroleum Corp./NYSE: APC/Houston | US$500 million | Plans to privately place 5.24% senior unsecured notes to fund the acquisitions of Kerr-McGee Corp. and Western Gas Resources Inc. |
Foster Wheeler Ltd./Nasdaq: FWLT/Hamilton, Bermuda | US$350 million | Closed a five-year senior secured domestic credit facility with an initial borrowing base of US$100 million to fund general corporate purposes. |
Savanna Energy Services Corp./Toronto: SVY/Calgary | C$250 million | Entered a revolving credit facility with The Toronto-Dominion Bank as lead syndicate agent and The Bank of Nova Scotia, HSBC Bank Canada, Alberta Treasury Branches and Royal Bank of Canada as agents. |
Berry Petroleum Co./NYSE: BRY/Bakersfield, Calif. | US$200 million | Plans to offer 8.25% senior subordinated notes due 2016. J.P. Morgan Securities Inc., Citigroup Global Markets Inc., Wells Fargo Securities, LLC and Goldman, Sachs & Co. are joint book-running managers. |
Connacher Oil & Gas Ltd./Toronto: CLL/Calgary | US$195 million | Entered a US$180 million senior secured B term loan facility due 2013 and a US$15 million senior secured working capital facility due 2011. BNP Paribas is lead manager and book-running manager. |
Hornbeck Offshore Services Inc./NYSE: HOS/Covington, La. | US$100 million | Closed a new five-year senior secured revolving credit facility due 2011 that raises the initial burrowing base from US$60 million. Wells Fargo Bank NA was lead arranger and book-runner, Comerica Bank was syndication agent and Amegy Bank NA, Capital One NA, DnB NOR Bank ASA, Fortis Capital Corp. and JPMorgan Chase Bank NA are lenders. |
Capitol Energy Resources Ltd./Toronto: CPX/Calgary | C$60 million | Increased its revolving credit with The National Bank of Canada from C$33 million to C$45 million and set its non-revolving development credit facility at C$15 million. |
Infinity Energy Resources Inc./Nasdaq: IFNY/Denver | US$55.4 million | Amended senior secured notes due 2007 to increase the outstanding principle amount US$9 million plus an additional US$1.4 million equal to the interest that would have been due on Oct. 2. |
Dune Energy Inc./Amex: DNE/Houston | US$50 million | Entered an amended credit agreement with an initial commitment of US$30.2 million. |
FieldPoint Petroleum Corp./Amex: FPP/Austin, Texas | US$50 million | Closed a credit facility with a US$5 million initial borrowing base with Citibank NA, to fund acquisitions, drilling and working capital. |
PGPU/Maverick Energy Group Ltd./Pink Sheets: PGPU/Las Vegas | US$40 million | Closed an advanced credit facility with Gasrock LLC to fund subsidiary Z2 LLC's development of its Big Foot Field holdings in Texas. |
Z2 Oil & Gas LLC/NA/Tulsa, Okla. | US$40 million | Entered a credit facility with GasRock Capital LLC to pay debt and develop the Big Foot Field in Texas. |
Cork Exploration Inc./Toronto: CRK/Calgary | C$22 million | Expanded its credit facility from C$13 million to fund its capital budget. |
Sub-One Technology/NA/Pleasanton, Calif. | US$7 million | Entered a series B round of financing to fund product development. Advanced Technology Ventures was lead financier, with Chevron Technology Ventures and ITI Energy also participating. |
Petrosearch Energy Corp./OTCBB: PTSG/Houston | US$5 million | Entered a debt facility with Macquarie Bank Ltd. |
Radial Energy Inc./OTCBB: RENG/Houston | US$5 million | Entered a 7% convertible debenture financing with Cornell Capital Partners LP to fund the Block 100 project in Peru, the Cherokee County prospects in Texas and the Bosques project in Colombia. |
Galaxy Energy Corp./Amex: GAX/Denver | US$2.5 million | Entered an 8% subordinated unsecured promissory note due 2007 with Bruner Family Trust UTD to support operations during the period while Exxel Energy Corp. is negotiating to acquire its assets in Garfield County, Colorado. |
Desmarais Energy Corp./Toronto Venture: DES/Calgary | C$2 million | Closed a 9.75% subordinated bridge facility due 2007 with Toscana Capital Corp. to pay debt with the National Bank of Canada and ongoing capex. |
Anadarko Petroleum Corp./NYSE: APC/Houston | NA | Provided a parental guarantee on all debentures of Kerr-McGee Corp. including 6.625% notes due 2007, 6.875% notes due 2011, 6.95% notes due 2024, 7.125% debentures due 2027 and 7.875% notes due 2031. |
BUYBACKS | ||
Technip/Paris: TEC; NYSE: TKP/Paris | US$376.1 million | Bought back 6.8 million shares at approximately US$55.63 each. |
Grant Prideco Inc./NYSE: GRP/Houston | US$350 million | Increased its repurchase program from US$150 million. |
Ultra Petroleum Corp./Amex: UPL/Houston | US$101 million | Purchased for cancellation 2.1 million shares at approximately US$49.26 each. |
Flowserve Corp./NYSE: FLS/Dallas | US$98 million | Plans to buy back up to 2 million shares at approximately US$48.98 each. |
Gentry Resources Ltd./Toronto: GNY/Calgary | C$16.4 million | Plans to buy back 3.4 million shares at approximately C$4.83 each. |
Smarts Oil & Gas Inc./OTCBB: SOGN/Howell, Mich. | US$4.8 million | Plans to retire more than 16 million shares at approximately US$0.30 each. |
Gentry Resources Ltd./Toronto: GNY/Calgary | C$3.5 million | Purchased for cancellation 647,300 shares at an average C$5.44 each. |
PRB Energy Inc./Amex: PRB/Denver | US$2.8 million | Plans to buy back up to 750,000 shares at approximately US$3.69 each. |
Acergy SA/Nasdaq: ACGY/London | US$1.9 million | Bought back 112,900 shares at approximately US$17.14 each. |
Aeroquest International Ltd./Toronto Venture: AQL/Milton, Ontario | C$325,000 | Plans to purchase for cancellation 500,000 shares at approximately C$0.65 each. |
EOG Resources Inc./NYSE: EOG/Houston | NA | Plans to buy back all 7.195% fixed-rate cumulative perpetual senior preferred series B shares at US$1,074.01 each. UBS Securities LLC and Lehman Brothers Inc. are dealer-managers. |
Pangea Petroleum Corp./OTCBB: PAPO/Houston | NA | Cancelled 11.7 million restricted shares held in escrow. |
REDEMPTIONS | ||
Petrohawk Energy Corp./Nasdaq: HAWK/Houston | US$775 million | Plans to redeem all 9.125% senior notes due 2013. |
Plains Exploration & Production Co./NYSE: PXP/Houston | US$525 million | Plans to redeem all US$250 million of its 7.125% senior notes due 2014 and all US$275 million of its 8.75% senior subordinated notes due 2012. J.P. Morgan Securities Inc. is the dealer manager and solicitation agent for both offers. |
Dresser Inc./NA/Dallas | US$502.8 million | Has redeemed approximately 91.4% of all 9.125% senior subordinated notes due 2011. Morgan Stanley is the dealer-manager and solicitation agent. |
Mariner Energy Inc./NYSE: ME/Houston | US$300 million | Commenced an exchange offer for all 7.5% senior notes due 2013. Wells Fargo Bank NA is agent. |
Basic Energy Services Inc./NYSE: BAS/Midland, Texas | US$225 million | Redeemed all 7.125% Series A senior notes due 2016 for an equal amount of 7.125% Series B senior notes due 2016. |
Secunda International Ltd./NA/Dartmouth, Nova Scotia | C$125 million | Terminated its cash offer for all senior secured floating rate notes due 2012 following the termination of its initial public offering in Canada, with all tendered notes being returned to the owners. Banc of America Securities LLC was the dealer manager and solicitation agent. |
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