Northern Blizzard Resources Inc. completed an initial public offering of common shares for gross proceeds of $500 million. The IPO was conducted by way of a $350 million treasury offering and a $150 million secondary offering by existing shareholders of Northern Blizzard (the Selling Shareholders).
The IPO was underwritten by a syndicate of underwriters co-led by CIBC, RBC Capital Markets, Scotiabank and TD Securities Inc. The underwriters exercised a portion of the over-allotment option granted to them under the IPO for additional gross proceeds to the Selling Shareholders of $19 million.
Calgary-based Northern Blizzard is a Canadian crude oil production and development company focused on maximizing oil recovery from its large-scale low viscosity heavy oil resource base. Northern Blizzard’s operations, infrastructure and concentrated land position are focused in the Kerrobert and Lloydminster areas of Saskatchewan.
Northern Blizzard was represented by Osler, Hoskin & Harcourt LLP with a team including Noralee Bradley, Rummy Basra, Kelsey Armstrong and Bryce Kustra (corporate finance & securities) and Ted Thiessen (tax). Jason Comerford and Matthew Sadofsky of Osler’s New York office provided cross-border US corporate finance & securities advice.
NGP and Riverstone, in their capacity as Selling Shareholders, were represented by Bennett Jones LLP with a team including John Mercury, Brent Kraus and Kahlan Mills (corporate finance & securities) and Greg Johnson (tax).
The underwriters were represented in Canada by Blake, Cassels & Graydon LLP with a team including Pat Finnerty, Dan McLeod, Tim Robson, Chris Prokop, Sarah Hammond, Perry Feldman, David Hansford and Andrew Goldie (corporate finance & securities); Jana Prete and Ian Gordon (oil & gas); Dufferin Harper (environmental and regulatory) and Carrie Aiken and Dan Jankovic (tax); and in the United States by Paul, Weiss, Rifkind, Wharton & Garrison LLP with a team that included Edwin Maynard and Christopher Cummings.