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Weekly OFS Newsletter

News Items Ending May 22, 2018


 

Financing

  • Calfrac Well Services Ltd. (TSX:CFW) announced that its subsidiary, Delaware based Calfrac Holdings LP is offering USD $650 million in senior notes due 2026. The net proceeds from the offering will be used to fund a tender offer to purchase all its outstanding 7.5% senior notes due 2020, and the balance will be used to partially fund the repayment of its $196.5 million second lien senior secured term loan.

 

Other

  • The Alberta government passed a bill to intervene in oil and gas exports and control the flow of resources exiting the province. The introduction of Bill 12 is targeted towards British Columbia’s (BC) continued opposition towards Kinder Morgan Canada Ltd.’s (TSX:KML) Trans Mountain expansion project.

  • The federal government announced that it will indemnify Kinder Morgan Canada Ltd. (TSX:KML) on losses as a result of the delays on the Trans Mountain expansion project.

  • Enbridge Inc. (TSX:ENB) announced a restructuring plan to offer $11.4 billion in shares to co-investors in four affiliated businesses, in order to offset risks caused by the loss of a US tax allowance for certain interstate pipelines. The series of deals announced will see Enbridge propose separate all-share offers with the boards of Spectra Energy Partners LP, Enbridge Energy Partners LP, Enbridge Energy Management LLC and Enbridge Income Fund Holdings Inc. This decision is in response to the US Federal Energy Regulatory Commission’s (FERC) decision to end tax breaks in March 2018.

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