On January 5, 2006, Acclaim Energy Trust and StarPoint Energy Trust completed a plan of arrangement merging the two trusts to form a new benchmark energy trust, Canetic Resources Trust, one of the largest conventional oil and gas trusts in North America with an enterprise value of well over $5 billion. This was the largest income trust merger in Canadian history. The plan of arrangement also provided for the creation of a new growth oriented exploration company, TriStar Oil & Gas Ltd., which on the first day of trading had a market cap of $200 million.
Acclaim Energy Trust and Canetic Energy Trust were represented by Burnet, Duckworth & Palmer LLP with a team that included Bill Maslechko, Shannon Gangl, Spencer Coupland and Laurie Schrader (securities), John Brussa, Jeff Fortin and Heather DiGregorio (tax), Alicia Quesnel (oil and gas, competition) and Richard Smith and Gina Ross (employment).
StarPoint Energy Trust was represented by Heenan Blaikie LLP with a team that included James Pasieka, Tom Cotter, Mark Franko and Tim Sweeney (corporate finance and securities), Mark Jadd and Richard Lewin (tax), Brian Bidyk (oil and gas) and Subrata Bhattacharjee (competition).
In connection with the merger, Canetic Resources Inc., a wholly-owned subsidiary of Canetic Resources Trust, secured a new credit facility of $1.1 billion. The syndicate of lenders was led by the Bank of Montreal, as administrative agent, and BMO Nesbitt Burns as sole bookrunner and co-lead arranger.
The Bank of Montreal and the lenders were represented by the Calgary office of Fraser Milner Casgrain LLP with a team that included Joe Palin, Trevor Morawski and Nancy Smith (banking). Canetic Resources and Canetic Resources Trust were represented by Burnet, Duckworth & Palmer with a team that included John Wilmot and Nicole Cramer (banking).
Acclaim Energy Trust and Canetic Energy Trust were represented by Burnet, Duckworth & Palmer LLP with a team that included Bill Maslechko, Shannon Gangl, Spencer Coupland and Laurie Schrader (securities), John Brussa, Jeff Fortin and Heather DiGregorio (tax), Alicia Quesnel (oil and gas, competition) and Richard Smith and Gina Ross (employment).
StarPoint Energy Trust was represented by Heenan Blaikie LLP with a team that included James Pasieka, Tom Cotter, Mark Franko and Tim Sweeney (corporate finance and securities), Mark Jadd and Richard Lewin (tax), Brian Bidyk (oil and gas) and Subrata Bhattacharjee (competition).
In connection with the merger, Canetic Resources Inc., a wholly-owned subsidiary of Canetic Resources Trust, secured a new credit facility of $1.1 billion. The syndicate of lenders was led by the Bank of Montreal, as administrative agent, and BMO Nesbitt Burns as sole bookrunner and co-lead arranger.
The Bank of Montreal and the lenders were represented by the Calgary office of Fraser Milner Casgrain LLP with a team that included Joe Palin, Trevor Morawski and Nancy Smith (banking). Canetic Resources and Canetic Resources Trust were represented by Burnet, Duckworth & Palmer with a team that included John Wilmot and Nicole Cramer (banking).
