+ Andora Energy Corp. announced it has suspended its SAGD pilot project at Sawn Lake; Andora owns 50% of the Sawn Lake project
+ Stuart Olson Inc. awarded a five-year / $500 million bundled industrial services contract with an oil sands customer
BITS AND PIECES FROM ALL OVER
+ Seafood City Supermarket, a Filipino grocery chain is coming to Canada; will open 1st store near Toronto early in 2017
QUOTES
+ Progress is impossible without change, and those who cannot change their minds cannot change anything. – George Bernard Shaw
+ My life is my message. – Mahatma Gandhi
KUDOS
+ to WestJet, celebrating 20 years in business. They started Feb. 29, 1996 with three planes and 220 people; today they are 12,000 people, 140 aircraft, serving 102 destinations in 20 countries.
+ AltaGas has stopped its Douglas Channel LNG export project in BC due to lagging progress on sales contracts
+ Boulder Energy Ltd. announced a going-private transaction to be led by ARC Financial Corp. which values Boulder at $268 million
+ Cathedral Energy Services withdrew from Venezuela; wrote-down $12.9 million
+ Condor Petroleum Inc. and Marsa Energy Inc. got shareholder for their combination arrangement
+ current energy prices – live link to Bloomberg energy prices; Brent and U.S. crude rose on strength of Saudi Arabia working with other producers to limit production and market volatility while oversupply continues, with experts & IEA say rebound is still 18-24 months away …
+ Encana announced it will do a further 20% downsizing
+ FACILITYCalgary’s OP-ED page, guest article: ‘Plunging oil prices. Always negative? Or can there be a silver lining?, by Elmira Aliakbari - click VIEWPOINT
+ Finance Minister Joe Ceci, in releasing Alberta’s 3rd quarter financial reports now expects the provincial deficit to rise to $10.4 billion for 2016-17. Meanwhile the Federal Government is re-jigging its deficit figures to between $18-30 billion, which is a rather generous fudge factor … tic toc
+ Global Coffee from the UK is coming to Canada; opening 150 ‘Costa Exprees’ coffee bars in Shell Stations in Toronto, Alberta and Vancouver; expect to do 550 locations in Canada by 2020
+ Long Run Exploration Ltd.’s debt holders approved $780 million sale to Sinoenergy Investment Corp.
+ LNG landscape is shifting in BC; The Conference Board of Canada published ‘A Changing Tide: Canada’s Emerging LNG Industry; a free download is available
+ Nasdaq completed its acquisition of Marketwired
+ nominations are open – for the 2nd Annual Global Petroleum Show Awards – submit a nomination
+ Parallel Energy Trust applying to court for ruling exiting CCAA; assigning into bankruptcy
+ Spriza Media Inc. closed its acquisition of Spriza Inc.
+ The Van Horne Institute published its study: Alberta to Alaska Railway – a scenario to ship Alberta bitumen to tidewater
+ Tidewater Midstream and Infrastructure Ltd. closed its shares and cash acquisition of natural gas assets (Deep Basin and central Alberta facilities) from AltaGas
+ Trudeau government said it will contribute $1 billion in relief to oil producing provinces; $250 million earmarked for Alberta has been announced two or three times – but it’s all just the same $250 million drop in a large bucket; the Export Development Corporation announced that ailing firms can apply for relief from a $750 million fund … but it seems a lot like that same $250 million
+ U.S. political watch: SuperTuesday today with multiple state primaries; Clinton and Trump expected to fortify their leads
THIS WEEK IN FINANCINGS
- proposed & closed
+ Bell Canada is on the market to raise $750 million in debt
+ Devon Energy Corp. closed US$1.469 billion equity financing
+ Enbridge Inc. is on the market to raise $2 billion in equity
+ Intact Financial Corporation is on the market to raise $250 million in debt
+ Ivrnet Inc. is on the market to raise $250,000 in equity
+ Manulife Financial Corporation is on the market to raise $400 million by a preferred share issue
+ NAV Canada closed $250 million debt financing
+ Royal Bank of Canada is on the market to raise $750 million in debt
+ Royal Bank of Canada is on the market to raise $300 million by a preferred share issue
+ Seven Generations Energy Ltd. closed $300 million equity financing
+ Spartan Energy Corp. is on the market to raise $85 million in equity, up $10 million from earlier announcement
+ Strategic Oil & Gas Ltd. closed $94.8 million equity financing
+ Tamarack Valley Energy Ltd. is on the market to raise $38 million in equity
+ Tidewater Midstream and Infrastructure Ltd. secured $120 million credit facility
+ Toronto-Dominion Bank is on the market to raise $1.25 billion in debt
+ Whitecap Resources Inc. is on the market to raise $95 million in equity
+ Chartwell Retirement Residences agreed to acquire Devonshire Retirement Residences in Ottawa for $63.6 million; Chartwell was also in the news with an announcement for the Chartwell Le Montcalm, a new 276 unit rental apartments project planned for Candia,
+ DREAM Office REIT reported to be selling HALF of its 2/3rds interest in Toronto’s Scotia Plaza
+ Firm Capital Property Trust closed the sale of two retail properties for $4.0 million
+ Hilton Worldwide is on the verge of dividing itself into three companies; one is reported to be REIT that will involve 70 properties (35,000 doors)
INTERESTING REAL ESTATE NEWS, other places
+ Brookfield Asset Management agreed to acquire Rouse Properties for US$2.8 billion; 35 malls in 21 states
+ downtown Winnipeg development will now have four towers, not three; True North Sports & Entertainment will develop along with 50/50 partner James Richardson & Sons Ltd., a mixed use development called True North Square
+ Extendicare Inc. closed the $40.5 million acquisition of two retirement properties in Saskatchewan (Yorkton & Moose Jaw); 158 units
+ Fortis Properties Corporation reported to be putting its properties portfolio (37 hotels, malls and office buildings) up For Sale so its parent company can focus attention and funds on its core businesses in the electric and gas utilities
+ Google Inc. is planning a second phase of its campus in Boulder, Colorado; they’ll build US$150 million office project on a recently acquired 1.45 acre parcel (acquired for US$7 million)
+ Starlight U.S. Multi-Family Core Fund acquired Marquee Station project (265 units) in Raleigh, North Carolina
INFRASTRUCTURE / P3
+ an Ontario Teachers’ Pension Plan led consortium have agreed to acquire the London (UK) City Airport for US$2.8 billion; consortium includes OMERS, AIMCo, Wren House Infrastructure Management
+ Innergex Renewable Energy Inc. completed its acquisition of Walden North hydro facility from FortisBC for $9.2 million
+ Notley government has approved funds for a variety of transit projects around the province, some of them in Calgary, but still no word on its commitment to share (feds, province, Calgary) in funding the $4.6 million southeast Greenline LRT project
+ Notley government announced $13 million in funding for two Calgary flood-mitigation projects; $11.5 million for berm-work to protect the Bonnybrook water treatment plant and $1.4 million for a flood barrier downstream from Eau Claire
+ The Public Sector Pension Investment Board agreed to acquired 1.4GW of hydro electric assets in New England from ENGIE Group for US$1.2 billion
+ The Van Horne Institute published its study: Alberta to Alaska Railway – a scenario to ship Alberta bitumen to tidewater
