On Mar. 10, Enerplus Corporation (Enerplus) completed its acquisition of Bruin E&P Holdings, LLC (Bruin), a U.S. private oil and gas company with assets in the Williston Basin of North Dakota, for total cash consideration of US$465 million, subject to ongoing purchase price adjustments. Concurrent with completion of the acquisition, Enerplus finalized and fully drew down on a new US$400 million term loan with two Canadian chartered banks to fund a portion of the purchase price.
On Feb. 3, Enerplus closed a Canadian public offering of $132.25 million of common shares, the proceeds of which will also be used to fund a portion of the purchase price for Bruin and for capital expenditures on the acquired properties.
David McCoy, Enerplus’ vice-president, legal and general counsel, led the transactions.
Vinson & Elkins LLP provided assistance to McCoy on the acquisition with a team including
Blake, Cassels & Graydon LLP acted as Canadian counsel to Enerplus on the acquisition and equity and debt financings, with a team of
Chad Schneider (securities and M&A),
Courtney Bohn (securities),
Cameron Siempelkamp (financial services),
Carrie Aiken (tax).
Vinson & Elkinsacted as U.S. counsel to Enerplus on the equity and debt financing, with a team of
Nettie Down (securities),
Guy Gribov (banking).
Norton Rose Fulbright Canada LLP represented the lenders under the term loan and the underwriters for the public offering, with a team consisting of
Marlow Gereluk (banking),
Peter Wiazowksi (securities).
Willkie Farr & Gallagher LLP acted for Bruin, with a team including