NuVista Energy Ltd. (TSX: NVA) (NuVista) successfully completed its previously announced acquisition of assets in the Pipestone area of Northwest Alberta from Cenovus Energy Inc. (Cenovus) on September 6, 2018.
The acquisition was partially funded through an offering of 47,415,801 subscription receipts at a price of C$8.10 per subscription receipt for gross proceeds of approximately C$384 million. Subscription receipts totaling 20,990,000 were issued pursuant to a prospectus offering and an additional 26,425,801 subscription receipts were issued pursuant to a private placement to certain investors, each co-led by CIBC Capital Markets, Peters & Co. Limited and RBC Capital Markets. The offerings closed on August 30, 2018. The balance of the purchase price for the acquisition was funded through NuVista's increased credit facility.
NuVista was represented by Burnet, Duckworth & Palmer LLP with a team that included Grant Zawalsky, Shannon Gangl, Gina Ross, Alicia Quesnel, Heather DiGregorio, Carolyn Wright, Edward (Ted) Brown, Kirk Lamb, Bronwyn Inkster, Brandon Holden, Brittney LaBranche, Nigel Behrens, Riley O'Brien and Emily McDermott.
NuVista was also represented by Paul Negenman of Lawson Lundell LLP with regard to the drafting and negotiation of the sale agreement and closing matters. Lawson Lundell also conducted title due diligence on the assets, with a team that included Randy Madsen, Jason Paton, Bernadita Tamura-O’Connor and Carson Falk.
Cenovus was represented internally by an in-house team that included Geoff Paskuski, Amy Gillespie and Jeffrey Whyte. Blake, Cassels & Graydon LLP provided external support with a team that included Ben Rogers, Julie Soloway, Evan Herbert, Anna McKilligan and Julia Potter.
The underwriters were represented by Torys LLP with a team that included Scott Cochlan, Janan Paskaran, Mike Pedlow, Michele Cousens and Aaron Zambonin.