+ ARPetrol Ltd. agreed to sell substantially all of its assets to Empressa Nacional Del Petroleo for $14.7 million
+ Birchcliff Energy Ltd. reduced its 2016 CapEx budget to $128 million, down from $140 million announced earlier
+ by-election day today in Calgary-Greenway to fill seat left vacant by Manmeet Bhullar’s death
+ budget day in Ottawa; Finance Minister Morneau will table the first budget of the Trudeau government – whether campaign promises can be met without ballooning a deficit is on everyone’s mind. Substantial infrastructure funding – as stimulus, is expected … tic toc
+ Detector Exploration Ltd. is in receivership; Hardie & Kelly Inc. appointed as Receiver, directors have resigned
+ FACILITYCalgary’s OP-ED page, guest article: ‘Protecting the treasure that is Canada’s boreal forest, by Gregory Siekaniec - click VIEWPOINT TAB
+ Geo-Jade Petroleum and affiliates agreed to acquire Bankers Petroleum Ltd. for $575 million
+ Loonie on the rise – slumping Canadian buck rose last week to US$0.77.05; slipped to 76.42 ahead of the federal budget
+ Modular Space Corporation and Williams Scotsman International Inc. agreed to merge their North American operations; terms not disclosed
+ Pacific NorthWest LNG project got its review process extended by 3 months; regulators need more time
+ Pembina Pipeline Corporation agreed to acquire a portfolio of sour natural gas processing assets (the Musreau Complex) from Paramount Resources for $556 million
+ Penn West Petroleum Ltd. agreed to sell its Slave Point area properties for $148 million
+ Saudi Refining Inc. and Royal Dutch Shell plc agreed to unwind their 50/50 refining and marketing venture operated as Motiva Enterprises LLC (Motiva has 3 U.S. gulf coast refineries with combined capacity in excess of 1.1 million barrels/day
+ Sears Canada is selling its Calgary logistics facility for $84 million in a sale/leaseback transaction
+ Smoothwater Capital acquired more than 10% of Alberta Oilsands Inc. to now hold 10.63%
+ SNC-Lavalin eliminated 950 jobs worldwide, 600 in Canada
+ Sterling Resources Ltd. got bondholder approval for its recapitalization
+ Suncor Energy Inc. and Canadian Oil Sands Limited completed their acquisition transaction, exchange of shares and board approvals
+ Terra Energy Corp., based on demands from creditors, is shutting in production, ceasing operations and bankruptcy proceedings are imminent; directors and officers have resigned
+ TransCanada Corporation agreed to acquire Columbia Pipeline Group for US$13.0 billion; has plans to sell $7 billion in assets to help fund the acquisition – including a $657 million/704 MW natural gas fired plant it just acquired …
+ Trican Well Services Ltd. closed the sale of its U.S. subsidiary Trican Well Services L.P. for US$200 million
+ U.S. rig count this week dropped to 476, a record low. That count peaked at 4,530 in 1981; previously bottomed at 488 in 1999
THIS WEEK IN FINANCINGS
- proposed & closed
+ Allied Properties REIT secured $150 million unsecured credit facility
+ H&R REIT is on the market to raise $200 million in sr. unsecured debt
+ Innergex Renewable Energy Inc. is on the market to raise $50 million in equity
+ Pembina Pipeline Corporation is on the market to raise $300 million in equity
+ Spartan Energy Corp. closed $96.3 million equity financing
+ Tamarack Valley Energy Ltd. closed $43.7 million equity financing
+ Tourmaline Oil Corp. is on the market to raise $243,990,000 in equity
+ TransCanada Corporation is on the market to raise $4.209 billion
+ Whitecap Resources Inc. closed $95 million equity financing
+ GOA and government of the United Kingdom signed a deal – Low Carbon Innovation and Growth Framework … but after reading the press release I can’t figure out if there is anything in it beyond justifying the guy flying here to sign it …
INTERESTING REAL ESTATE NEWS, other places
+ China Oceanwide Holdings acquired 80 South St. (New York City Seaport District), a 42,614 sq. ft. site, in Manhattan for US$390 million from Howard Hughes Corp.; a 113-story tower is planned
+ Starwood Hotels and Resorts Worldwide Inc. won’t be selling its hotels to Chinese investors; Marriott International Inc. upped their bid and will acquire Sheraton and Westin brands for US$13.6 billion (combined operation will involve 5,500 hotels – 1.1 million keys)
INFRASTRUCTURE / P3
+ Calgary Stampede announced plans for a $500 million expansion to the BMO Centre which will necessitate demolition of the 66 yr. old Stampede Corral arena; however, competing for City dollars vis-à-vis other capital projects will be dicey in tight budget times for all levels of government … tic toc
+ Government of Canada announced $39 million in new funding for Banff National Park; this is in addition to capital projects earlier announced by the Harper government
+ Innergex Renewable Energy Inc. agreed to acquired eight wind powered projects in France; combined capacity of 87MW – terms not disclosed
SHAREHOLDER MEETINGS
+ Mar. 22; Valener Inc.; Annual Meeting of Shareholders, Montreal
+ Mar. 31; TD Bank Group, Annual Meeting of Common Shareholders, Montreal
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