On April 24, 2017, Lundin Petroleum AB, a Swedish oil and gas company, completed the cross-border spin-off of its then wholly owned Canadian subsidiary International Petroleum Corporation by way of distribution of all the shares of International Petroleum to the shareholders of Lundin Petroleum. The spin-off created a new public company listed on the Toronto Stock Exchange and the Nasdaq First North exchange in Stockholm with approximately $560 million in assets and an initial market capitalization of over $500 million on day of listing. International Petroleum is now an independent upstream international oil and gas exploration and production company with a portfolio of assets in Malaysia, France and the Netherlands.
In connection with the spin-off, International Petroleum’s wholly-owned subsidiary Lundin Petroleum BV launched an offer to purchase up to US$100 million of International Petroleum’s common shares. In order to finance such offer, certain International Petroleum subsidiaries, including Lundin Petroleum BV, entered into a US$100 million reserve-based lending facility with a syndicate of banks led by BNP Paribas, Australia and New Zealand Banking Group (ANZ), BMO Capital Markets and ScotiaBank Europe.
Lundin Petroleum was represented by Jeffrey Fountain and Henrika Frykman and by a team from Blake, Cassels & Graydon LLP that included Peter O’Callaghan, Daniel McLeod, Markus Viirland, Trevor Rowles, Tim Phillips, Nav Dhaliwal, Jill Davis and Chris Barker (corporate and securities), Jeffrey Trossman and Evan Schmid (tax), and Warren Nishimura, Jennifer Ruddick and Danielle Butler (financial services).
Lundin Petroleum was represented in Sweden by Gernandt & Danielsson Advokatbyrå KB with a team that included Carl Westerberg, Erika Olofsson, Karin Källström and Lukas Åhman, and in London by Ashurst LLP with a team that included Huw Thomas, Alex Bartho, Zeina Talhouni, Nicole Lim and Anthony Gray.
BMO Capital Markets was International Petroleum’s exclusive financial advisor and Pareto Securities in Sweden acted as the issuing agent and Certified Adviser for International Petroleum on Nasdaq First North. BMO Capital Markets was represented by a team from Dentons Canada LLP that included Bill Gilliland, Lucas Tomei and Nicole Bacsalmasi (corporate and securities).