On May 2, 2017, STEP Energy Services Ltd. (“STEP”) completed an initial public offering of 10 million common shares at $10 per common share for aggregate gross proceeds of $100 million. The common shares of STEP are listed on the Toronto Stock Exchange under the symbol “STEP.”
The offering was made through a syndicate of underwriters co-led by CIBC World Markets Inc. and Raymond James Ltd. and including BMO Nesbitt Burns Inc., Peters & Co. Limited, RBC Dominion Securities Inc., GMP Securities L.P., National Bank Financial Inc., Scotia Capital Inc. and AltaCorp Capital Inc. (collectively, the “Underwriters”).
The limited partnerships comprising ARC Energy Fund 6 and ARC Energy Fund (collectively, the “Selling Shareholders”) have granted to the Underwriters an over-allotment option, exercisable in whole or in part for a period of 30 days following the closing of the Offering, to purchase up to an aggregate of an additional 1.5 million common shares of STEP from the Selling Shareholders at a price of $10.00 per common share.
STEP is an oilfield service company that provides specialized and fully integrated coiled tubing and fracturing solutions. STEP’s corporate headquarters is located in Calgary, and STEP has coiled tubing and fracturing operations spanning across Western Canada, along with coiled tubing operations in Texas.
STEP was represented in-house by Joshua Kane (General Counsel). STEP was represented externally by Stikeman Elliott LLP as to matters of Canadian law, with a team that included Craig Story, Benjamin Hudy, Janel Young and Rhonda Ferguson (corporate and securities) and Julie D’Avignon (tax), and by Thompson & Knight LLP as to matters of US law, with a team that included Jeremiah Mayfield, Stephen Grant and Alan Baden (corporate and securities).
The Underwriters were represented by Dentons Canada LLP as to matters of Canadian law, with a team that included Tim Haney, Dan Shea, Adam Hassan and Richard Steed (corporate and securities), and by Dentons US LLP as to matters of US law, with a team that included Steve Berson and John Griffee (corporate and securities).
The Selling Shareholders were represented by Bennett Jones LLP with a team that included Bryan Haynes and Kahlan Mills (corporate and securities).