+ Alberta’s credit rating downgrade; last week it was Standard & Poors taking us from AAA to AA, this week Moody’s have cut us from AAA to 1-notch below, whatever that means
+ Bass Pro Shops making takeover bid to acquire Cabela’s Inc.
+ confidence returned to Calgary this week; not sure how to describe it exactly, but I sense it in the marketplace, in conversation – in the instructions of clients who have spent enough time getting used to the ‘new normal’, and it is time to get re-focused. They are. I’ll stand by this prediction, this month is the turning point. Not about politics or pipelines or prices – but energy, in all of us. Now, get to work!
+ current energy prices – live link to Bloomberg energy prices; crude prices steady as traders remain hopeful for some form of OPEC market-stabilizing actions, and U.S. gasoline demand has strengthened; yesterday’s close - WTI at US$43.07 /bbl, Brent$44.90 …
+ Devon Energy Corp. agreed sell a package of non-core Oklahoma assets to White Star Petroleum LLC for US$200 million
+ FACILITYCalgary’s OP-ED page, guest article: ‘Service as it once was!’ by Mark Kolke, Realtor/small business owner, and publisher of FACILITYCalgary - click VIEWPOINT TAB
+ FirstOnSite Restoration G.P. Inc., under CCAA creditor protection, agreed to be acquired by Interstate Restoration LLC; terms not disclosed
+ Husky Energy agreed to sell 65% ownership in Lloydminster area midstream assets to Cheung Kong Infrastructure Holdings Limited and Powers Assets Holdings Limited
+ Le Chateau Inc. announced it will be closing 40 stores across Canada this year
+ Magnum Hunter Resources Corporation got court approval for its Chapter 11 Bankruptcy restructuring plan
+ Mayor Naheed Nenshi facing Ethics Commissioner investigation over his Boston Lyft-shared-ride video comments about Uber Part 1 – 15 minutes – and Part 2 – 12 minutes; seems part SNL skit/part embarrassment, part indiscrete revelations (hence, the ethics investigation) along with interesting conversation on U.S. presidential politics [note to self, ‘beware the dash-cam’]
+ NEB gave a favourable ruling on Enbridge’s Line 3 Replacement project – saying the project ‘is in the Canadian public interest’ and recommending Project approval to the federal Governor in Councile; capital cost is $7.5 billion and replacing the 50-yr. old 1,660 km line will boost delivery to 760,000 barrels/day, double the current flow level
+ Notley government warming to pipelines; the Premier has been meeting with B.C. Premier advocating for Gateway and with the Federal Trudeau Cabinet who are re-thinking the earlier announced westcoast tanker moratorium
+ Paramount Resources Ltd. closed its sale of Musreau midstream sour natural gas assets to Pembina Pipeline Corporation; terms not disclosed
+ Parkland Fuel Corporation agreed to acquire the propane business of Girard Bulk Services for $4.8 million
+ PJ’s Pets and Pets Unlimited closing 27 location across Canada
+ Schlumberger confirmed it has cut 2,000 jobs in Q1/2016; its global headcount now 93,000
+ Scotiabank selling a Roynat division; Roynat Lease Finance is being sold to Meridian Credit Union Limited; terms not disclosed
+ Shell will close offices in Reading, Aberdeen and Manchester following takeover of BG Group; cutting 2,800 in connection with the BG Group specifically – will closed its Thames Valley Park campus by the end of 2016, as part of earlier announcements to cut 10,000 jobs worldwide this year
+ TransCanada Corporation making peace with Quebec over Energy East Pipeline plans; will acquiesce to their request for environmental oversight
+ Trez Capital Group LP forming a JV with Forman Capital LP to be called Trez Forman Capital Group LP to facilitate Trez’s expansion in the U.S. market
THIS WEEK IN FINANCINGS
- proposed & closed
+ Blackbird Energy Inc. is on the market to raise $20 million in equity
+ Canadian Overseas Petroleum Ltd. is on the market to raise $8.25 million by a common shares and warrants financing
+ CWC Energy Services Corp. is on the market to raise up to $14,631,900 by a rights offering
+ Enbridge Income Fund Holdings Inc. closed $718 million equity financing
+ Firm Capital Mortgage Investment Corporation closed $22,059,000 equity financing
+ Flyht Aerospace Solutions Ltd. is on the market to raise $5.0 million in equity
+ Gensource Potash Corporation is on the market to raise $2.0 million in equity
+ Georox Resources Inc. is on the market to raise $700,000 in equity
+ Gran Tierra Energy Inc. closed $15 million overallotment of its convertible debt offering
+ Grande West Transportation Group Inc. is on the market to raise $2.4 million in convertible debt
+ Manitok Energy Inc. is on the market to raise $10.0 million in equity
+ Maple Leaf Green World closed $485,000 common shares and warrants financing
+ Newalta Corporation closed $54 million equity financing
+ NorthWest Healthcare Properties REIT closed $9.0 million overallotment of its recent equity financing
+ Petrocapita Income Trust closed $1,320,000 convertible debt financing
+ ShaMaran Petroleum Corp. is on the market to raise US$150 million in debt
+ Sterling Resources Ltd. is on the market to raise $219,845,330 by a rights offering
+ TransCanada Corporation closed $500 million preferred share issue
+ WPT Industrial REIT secured $100 million Revolving Credit Facility
INTERESTING REAL ESTATE NEWS, other places
+ Chartwell Retirement Residences agreed to acquire 127 suite Lord Lansdowne Retirement Residence in Ottawa for $68.4 million
+ LondonHouse hotel in Chicago sold for a record price; sale/leaseback deal has Union Investment Real Estate GmbH acquired the property for US$315 million – that’s US$697,000/door
+ SunEdison filed for Chapter 11 Bankruptcy protection
INFRASTRUCTURE / P3
+ Caisse de dépôt et placement du Québec proposing to build a $5.5-billion automated rail network connecting downtown Montreal with south and north shores, and airport. The 67-km. project purports to generate an estimated $5-billion in private real estate developments on the route
+ City of Calgary’s review of Calgary Flames et al plan for CalgaryNEXT project hit a speed-bump; proposed budget of $1.8 billion in taxpayer obligations, pushed in part by high site cleanup costs; Council will meet with proponents privately; tic toc … this project is far more alive than dead
FACILITYCalgarynewsletters may not be reproduced, distributed, transmitted, displayed, published or broadcast, directly or indirectly, in any medium without prior written permission. Mark Kolke, Editor/Publisher. All rights reserved.
- this website is maintained and updated weekly - last updated November 30, 2023