FACILITYCalgary

news, commentary & perspective - financings, deals - commercial real estate, infrastructure, oil & gas

FACILITYCalgary May 6/25

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SHAKERS AND MOVERS 
appointments and disappointments 

+ Blake Hutcheson to Pres. & Chief Pension Officer @ OMERS

+ Boris Baril to CFO @ Firm Capital Mortgage Investment Corporation

+ Chris Taves to COO @ BMO Capital Markets

+ Dana Peers to First Vice-Chair @ Calgary Stampede

+ David Sibbald to Pres. & Board Chair @ Calgary Stampede

+ Douglas Harrison to Chairman @ Canadian Commercial Corporation

+ Emmanuel Jaclot to Exec. VP Infrastructure @ Caisse de dépôt et placement du Québec 

+ Gary Doer to Director @ Air Canada

+ Geneviève Fortier to Sr. VP @ SSQ Insurance

+ Giles Amirault to Assistant VP @ Envista Forensics

+ Jonathan Mair to Exec. VP & COO @ Firm Capital Mortgage Investment Corporation

+ Kristin Williams Mugford to Director @ Dollarama Inc.

+ Larry Rossy, Director and Chairman @ Dollarama Inc., stepping down

+ Melinda Lee to Director @ The Second Cup Ltd.

+ Michael Rollan to Pres & COO Asia-Pacific Region @ OMERS

+ Michelle Banik to Sr. VP People & Culture @ OMERS

+ Nicolas Marcoux to CEO @ PricewaterhouseCoopers

+ Robert Allan Read to VP Airports, North America @ Air Canada

+ Sandy Poklar to Exec VP & Managing Dir. Finance @ Firm Capital Mortgage Investment Corporation

+ Satish Rai to Chief Investment Officer @ OMERS

+ Scot Balfour to Pres. & CE @ Emera Inc.

+ Scott Thon to Chairman @ Alberta Blue Cross

+ Stephen Gunn to Chairman @ Dollarama Inc.

+ Steve MacInnis to Sr. Principal Consultant @ Envista Forensics

+ Steve McDonough to Second Vice-Chair @ Calgary Stampede

+ Tony Angelidis to Pres. & CEO @ Clearview Resources Ltd.


[please send us your appointment notices  kolke@facilitycalgary.com]




 MEMORIAM

+ Peter Munk, founder of Barrick Resources, developer, philanthropist, Companion of the Order of Canada; 90

+ Sam Belzberg, CEO @ Gibralt Capital Corporation, developer, philanthropist and Officer of the Order of Canada; 89




 KUDOS 

+ to Reader Rock Garden – opened in 1913, named for William Roland Reader – designated as a national historic site …




 HUMAN RESOURCE + WORKPLACE TRENDS 

+ hardest jobs to fill in Canada – can you guess what they are?

+ #MeToo lessons for HR




 QUOTES 

+ True friendship is like sound health; the value of it is seldom known until it be lost. – Charles Caleb Colton

+ A second chance doesn’t mean anything if you haven’t learned from your first mistake. – Zig Ziglar




  GLOSSARY + ABBREVIATIONS + ACRONYMS 

+ AEMERA – Alberta Environmental Monitoring Evaluation and Reporting Agency

+ AER - Alberta Energy Regulator

+ AIMCo – Alberta Investment Management Corporation

+ ASC – Alberta Securities Commission

+ AUC – Alberta Utilities Commission

+ BBL – barrel

+ BBLS/D – barrels per day

+ BOE – barrel of oil equivalent

+ Brent – North Sea crude benchmark price

+ CapEx – capital expenditures

+ CAPP - Canadian Association of Petroleum Producers

+ cap rate – capitalization rate

+ CBD – Central Business District

+ CCAA – Companies’ Creditors Arrangement Act

+ CCS – Carbon Capture and Storage

+ CEAA – Canadian Environmental Assessment Agency

+ Chapter 11 – court ordered creditor protection under U.S. bankruptcy law

+ COSIA - Canada's Oil Sands Innovation Alliance

+ CPPIB – Canada Pension Plan Investment Board

+ CREB - Calgary Real Estate Board

+ DIP – debtor in possession

+ EBITDA – earnings before interest, taxes, depreciation and amortization

+ EIA – U.S. Energy Information Administration

+ E & P – exploration and production

+ FERC – U.S. Federal Energy Regulation Commission

+ Forbearance Agreement – a short term formalized relief arrangement when loan terms are in default

+ FSR – floor space ratio

+ FTC – U.S. Federal Trade Commission

+ GJ – gigajoule

+ GLA – gross leasable area

+ GOA - Government of Alberta

+ GOM – Gulf of Mexico

+ GTA – greater Toronto area

+ GW - gigawatt

+ G&A – general and administrative

+ HOOP – Healthcare of Ontario Pension Plan

+ IEA – International Energy Agency

+ IFMA – International Facility Management Association

+ IPO – Initial Public Offering

+ JV – Joint Venture

+ KV – kilovolt (one thousand volts)

+ KW – kilowatt (one thousand watts)

+ LEED – Leadership in Energy and Environmental Design

+ LNG – Liquefied Natural Gas

+ LPG – Liquefied Propane Gas

+ MCF – thousand cubic feet

+ MCF/D – thousand cubic feet per day

+ mezz – mezzanine debt

+ MOU – Memorandum of Understanding

+ MT – metric ton

+ MW – megawatt (1 million watts)

+ NAFTA – North American Free Trade Agreement

+ NEB – National Energy Board

+ NGLs – natural gas liquids

+ OPEC – Organization of Petroleum Exporting Countries

+ P3 – Public Private Partnership

+ PADD – U.S. Petroleum Administration for Defense Districts

+ PPA – Power Purchase Agreement

+ PSAC – Petroleum Services Association of Canada

+ PSP – Public Sector Pension Investment Board

+ RECA – Real Estate Council of Alberta

+ REIT – Real Estate Investment Trust

+ RFI – request for information

+ RFP – request for proposals

+ RFQ – request for qualifications

+ RICS – Royal Institution of Chartered Surveyors

+ RNG – renewal natural gas

+ SAGD – steam assisted gravity drainage

+ SAIT – Southern Alberta Institute of Technology

+ S & P – Standard & Poors

+ sub – subsidiary

+ sub. – subordinated

+ tic toc – we’ll see …

+ TOD – transit oriented development

+ UDI – Urban Development Institute

+ WTI – West Texas Intermediate crude benchmark price

+ WTO – World Trade Organization

+ YYC – YYC Calgary International Airport




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this  site is refreshed with a new issue every Tuesday morning


updated April 3, 2018




 TODAY'S HEADLINES


HEADLINES: Brookfield taking over CGP |Clearview merger | Cominar REIT sale | Keyera agreement with Encana | Obsidian selling assets | Olympic bid progress + deals + rig counts + upcoming events, appointments + climate change + infrastructure + REIT NEWS + financings




CONVERSATIONS

Last week's conversation with Mac Logan, Planner, former General Mgr. Transportation at City of Calgary and now Principal and Maplehawk. 

A recent conversation with Mike O'Connor, 'bucket list adventurer' and founder, Pres. & CEO of O'Connor Associates Environmental Inc.

A recent conversation with Lance Laliberte, VP Office Furniture @ Premiere Office Furniture

Click here to access the archive: archived conversations with fascinating Calgarians ...



 sponsors of this week's issue:

e-mail Norm Landry
 
PROJECT MANAGEMENT



e-mail Lance Laliberte - Sales at PREMIERE OFFICE MOVERS
 
OFFICE MOVERS



e-mail to Sharon Martens
 
ARCHITECTURE + INTERIOR DESIGN



click to contact: Trevor Winkler, Regional Managing Partner, Calgary
 
ACCCOUNTING, CONSULTING, TAX



PUT YOUR 
COMPANY HERE
 Advertising/sponsorship queries:  kolke@facilitycalgary.com 
SEE YOUR 
BRAND HERE



e-mail Peter Gatzsch
 
COMMERCIAL INTERIOR CONSTRUCTION



CONTACT MARK KOLKE 
OFFICE AND INDUSTRIAL LEASING



CONTACT MARK KOLKE 
RESIDENTIAL SALES



 CALGARY OLYMPICS 2026 BID WATCH 


+ Calgary got a commitment from the provincial ($10.0 million) and federal ($10.5 million) governments to fund/form an Olympic bid corporation; together with $9.5 million contributed by the City of Calgary – enough funds (hopefully) to get the bid committee funded through to September 2019 when the International Olympic Committee is expected to award the 2026 Winter and Paralympic Games to ‘a city’. But, there is a catch – the provincial contribution is contingent on a plebiscite … tic toc




 SAVE THE DATE / upcoming events

+ April 11; Calgary Chamber of Voluntary Organizations, Connections Conference 2018; Ross Glen Hall, Mount Royal University, Calgary; info/register

+ Apr. 19; B’nai Brith Dinner honouring Rachel Notely and Darryl Janz; info/tickets or contact Jerry Spevakow

+ Apr. 20,24,26,27; Bowl For Kids Sake, Chinook Bowladrome, Calgary; info/register

+ Apr. 25; Vancouver Real Estate Forum, Vancouver Convention Centre; info/registration

+ May 9; EducationMatters: Fuel the Future fundraiser; info/tickets

+ May 10; Kananaskis Golf Courses re-opening day; bookings online starting Mar. 14; res # 1-877-591-2525

+ June 4-6; OPEX Summit; Operational Excellence in Energy Chemical & Resources, BMO Centre, Calgary; info/agenda

+ June 11-13; NeoCon 50th Anniversary Trade Show & Conference, theMart, Chicago; info/register , registration now open

+ June 12-14; Global Petroleum Show, Stampede Park, Calgary; event guide

+ Sept. 3-5; World Heavy Oil Congress & Exhibition, Oman Convention Centre, Muscat, Oman; info/register


[send your event notices to:  kolke@facilitycalgary.com ]



 CHARITY GOLF TOURNAMENTS 

+ June 21; 57th Annual CSPG Classic Golf Tournament, Elbow Springs Golf Club, Calgary; info/register


[send your tournament notices to:  kolke@facilitycalgary.com ]



 CLIMATE CHANGE + LEED + RENEWABLE ENERGY 

+ BOMA Canada released their Building Momentum report




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NEWS SUMMARY 
 March 27 ~ April 3 


+ Clearview Resources Ltd. agreed to amalgamate with Bashaw Oil Corp.

+ Cominar REIT closed its $1.14 billion sale of 95 properties (6.2 million sq. ft./GTA, Maritimes and the West) to Slate Acquisitions Inc.

+ current energy prices – live link to current Bloomberg energy prices; crude prices crawling back from yesterday’s drop – U.S. supply growth, rise in Russian production and expectation of Saudi price cuts …

+ Keyera Corp. and Encana Corporation struck a 20-yr. infrastructure and midstream service agreement to serve Encana’s Pipestone Montney developments; Keyera to invest more than $900.0 million in 2018 to acquire Encana’s Liquids Hub and construct new facilities

+ Motorola Solutions Inc. closed its acquisition of Avigilon Corporation; enterprise value US$1.0 billion

+ NOT April fool jokes: Zuckerberg says it will take ‘a few years’ to fix Facebook, Aimia says ‘sorry’ for ridiculous offensive Aeroplan survey, stock markets rattled by Trump trade war initiatives, HBC shares hit hard by data breach relevlations at Saks Fifth Avenue/Lord & Taylor stores …

+ Obsidian Energy Ltd. engaged advisors to explore sale of its Viking assets

+ Obsidian Energy Ltd. in negotiations with China Investment Corporation to sell their jointly held Peace River assets

+ rig counts: down 27 to 134 this week as spring breakup impacts the fleet – full breakdown

+ SAMAC Engineering Ltd. acquired by Envista Forensics; terms not disclosed – will operate as Envista Forensics

+ Torstar Corporation is rebranding its Metro publication; the Calgary version will be StarMetro Calgary

+ U.S. rig counts: down 6 to 798 – overview and summary

+ Waterous Energy Fund et al agreed to acquire Cona Resources Ltd.




THIS WEEK IN FINANCINGS 
- proposed & closed

+ Boralex Inc. secured $560.0 million revolving credit facility

+ Boralex Inc. closed $200.0 million unsecured sub. debt financing

+ Ceridian HCM Holdings Inc. is on the market to raise US$200.0 million by IPO

+ CIBC is on the market to raise $1.5 billion in sub debt

+ Ensign Energy Services Inc. closed $25.95 million unsecured sub. debt financing by private placement

+ Greater Toronto Airports Authority closed $500.0 million debt financing

+ Invesque Inc. closed US$15.0 million third tranche of a preferred share offering

+ Rogers Sugar Inc. closed $85.0 million convertible debt financing

+ Zedcor Energy Inc. secured $13.5 million credit facility



 this week in REITS 


+ Cominar REIT closed its $1.14 billion sale of 95 properties (6.2 million sq. ft./GTA, Maritimes and the West) to Slate Acquisitions Inc.

+ Nexus REIT agreed to acquire three industrial properties (two in Richmond, one in Regina) for $64.0 million

+ Summit Industrial Income REIT is under contract to acquire 141,034 sq. ft. building in Stratford, ON for $14.9 million




 INFRASTRUCTURE / P3  


+ GOA provided $9.3 million in this year’s budget for ‘behind the scenes’ upgrading the Jubilee Auditoria (Edmonton and Calgary) which were massively re-done in 2004 (kudos to Fred Valentine)

+ Infrastructure Ontario issued an RFQ for a project to design, build, finance and maintain a new Thunder Bay Correctional Complex

+ Infrastructure Ontario issued two RFQ’s for two Stations and Off-Corridor projects to improve the GO Transit service




 CONSTRUCTION NEWS + INNOVATION 

+ CCCC International Holding Ltd.’s takeover of Aecon has been delayed by Investment Canada until July 13 … tic tocc

+ 6 tips on ‘tiny house’ building




 INTERESTING REAL ESTATE NEWS FROM OTHER PLACES 


+ CGP Inc. agreed to be taken over by Brookfield Asset Management Inc.; US$9.25 billion to acquire the portion of CGP that Brookfield entities did not already own

+ Fiera Properties Ltd. purchased four Kanata, ON office buildings for $74.13 million from HOOPP

+ First Capital Realty sold its interest in 24 income and development properties for $364.0 million

+ KingSett Capital acquired American Business Park in Mississauga; 552,675 sq. ft. on 33 acres in the Pearson International ‘Airport Megazone’

+ Sun Life Financial acquired 7250 and 7450 rue du Mile-End; office buildings in Montreal – adding 400,000 sq. ft. to its portfolio; Bentall Kennedy will operate …

+ Virgin Hotels JV (with Fengate Real Asset Investments, Dream Hard Asset Alternatives Trust, Cowie Capital Partners and other investors) agreed to acquire the Hard Rock Hotel & Casino in Las Vegas from Brookfield Asset Management; terms not disclosed




 INTERESTING THINGS IN RETAIL 


+ Amenity Holdings Inc. and Rubicon Pharmacies Canada Inc. are merging; will operate under Rubicon name, 101 pharmacies across Western Canada




 SHAREHOLDER MEETINGS

+ Apr. 5; CIBC, Annual Meeting of Shareholders, Halifax

+ Apr. 5; BMO Financial Group, Annual Meeting of Shareholders, Toronto

+ Apr. 6; Royal Bank of Canada, Annual Meeting of Common Shareholders, Toronto

+ Apr. 10; Bank of Nova Scotia, Annual Meeting of Shareholders, Toronto

+ Apr. 12; Cargojet Inc., Annual General and Special Meeting of Shareholders, Toronto

+ Apr. 18; Calgary Real Estate Board, Annual General Meeting, CREB Headquarters, Calgary

+ Apr. 19; Calgary Airport Authority, Annual General Meeting, Calgary Airport Marriott

+ Apr. 20; National Bank of Canada, Annual Meeting, Drummondville, QB

+ Apr. 26; Linday Park Sports Society, Annual General Meeting, Repsol Sport Centre, Calgary

+ Apr. 30; Tervita Corporation, Annual and Special Meeting of Shareholders, Calgary

+ Apr. 30; Newalta Corporation, Annual and Special Meeting of Securityholders, Calgary

+ May 3; Fortis Inc., Annual Meeting of Shareholders, St. John’s

+ May 3; GMP Capital Inc., Annual and Special Meeting of Common Shareholders, Toronto

+ May 3; Manulife Financial Corporation, Annual Meeting of Shareholders, Toronto

+ May 7; Economical Mutual Insurance Company, 146th Annual Meeting, Waterloo

+ May 7; Inter Pipeline Ltd., Annual Meeting of Shareholder, Calgary

+ May 8; CT REIT, Annual Meeting of Unitholders, Toronto

+ May 9; Sun Life Financial Inc., Annual Meeting, Toronto

+ May 10; Big Rock Brewery Inc., Annual Meeting of Shareholders, Calgary

+ May 10; Canadian Pacific Railway Limited, Annual Meeting of Shareholders, Calgary

+ May 15; Intermap Technologies Corporation, Annual Shareholders Meeting, Calgary

+ May 18; Cona Resources Ltd., Annual and Special Meeting, Calgary

+ June 7; Dollarama Inc., Annual Meeting of Shareholders, Montreal


[send your event notices to:  kolke@facilitycalgary.com ]

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