+ to all those who donated to support Fort McMurray evacuees … special mention to Peter Munk ($1million) and Ron Joyce family ($2million – that’s a lot of Timbits) and corporate Canada, grocery shoppers and everybody who has given cash or donated supplies for the evacuees
+ to winners of the Woodrow Wilson Award; Lt. Gov. Lois Mitchell, Doug Mitchell and Mike Times …
INFRASTRUCTURE / P3
+ 407 International Inc. closed $500 million tranche of unsecured debt; 407 International Inc. is owned by Cintra Global Holding Limited, a wholly owned subsidiary of Ferrovial S. A. (43.23%), by indirectly owned subsidiaries of Canada Pension Plan Investment Board (total 40%), and by SNC-Lavalin (16.77%) and operates Highway 407 in Ontario
+ Enbridge Inc. agreed to acquire 50% of EDF Energies Nouvelles [3 large wind farms off French coast – 1,428MW] for $282 million
+ Ontario’s Wynne Government (according to a leaked 57 page cabinet document ‘Climate Change Action Plan’) are planning a phase out of natural gas us in the province by 2030; the currently by 1.3 billion cubic ft./day from Alberta; solar panels, electricity and funny math perhaps … tic toc …
+ Alberta land sale May 11th netted a paltry $1.09 million for GOA;
+ Athabasca Oil Corporation closed its $486 million acquisition/Kaybob JV transaction with Murphy Oil Company Ltd.
+ Boardwalk REIT announced it has agreed to acquire three newly build low-rise apartment buildings in Edmonton for $93,019,750
+ Brookfield Place was topped off at 247 metres/56 floors … now tallest building in Calgary; completion scheduled for late 2017
+ Connacher Oil and Gas Limited applying for CCAA protection seeking to refinance with US$20 million interim financing
+ current energy prices – live link to Bloomberg energy prices; crude glut shrinking, market up – WTI at US$47/bbl, rig-counts continue to decline and a 6-month high as storage-gluts around the world ease and shortages in Nigeria and Venezuela unsettled traders …
+ Dawsco Coffee is a new sponsor of this publication; welcome and thank you for your support
+ Enbridge Inc. agreed to acquire 50% of EDF Energies Nouvelles [3 large wind farms off French coast – 1,428MW] for $282 million
+ Encana Corp. is considering a $1 billion disposition of its Gordondale (Montney) natural gas assets
+ Enercare Solutions Inc. closed its acquisition of Service Experts for US$340.75 million
+ Fort McMurray wildfires remain out of control – now 251,000 hectares/ 620,000 acres – has moved mostly eastward this week; emergency workers are readying the hospital to reopen, 300 ATCO staff readying utility services to be restarted – waiting for an announcement for GOA for residents to being returning; GOA has provided satellite photo access for owners of homes and businesses to see their locations; get the app and terms of use ; fire has now shifted north, forcing evacuation of 4,000 from camps to the north, and stalling crews returning to Suncor and Syncrude operations and westward threatening Timberlea area of the city. Utility and emergency workers in Fort McMurray are sheltering in place at Mac Island and the hospital.
+ Husky Energy Inc. agreed to sell a portfolio of SW Saskatchewan assets for $595 million to Whitecap Resources
+ Husky Energy Inc. commenced steam operations at the Vawn Lloyd Thermal Plan in Saskatchewan
+ InnVest REIT agreed to be sold (portfolio of 109 hotels in Canada) for $1.6 billion to China investors backed Bluesky Hotels & Resorts Inc.; portfolio included Fairmont Palliser
+ Keyera Corp. secured agreements with customers in support of a new natural gas gathering and processing complex in Wapiti area, south of Grand Prairie; $600 million project will have first phase starting up by mid-2019
+ Lowe’s Companies Inc. got approval from Canadian gov’t for its takeover of RONA Inc.
+ Ontario’s Wynne Government (according to a leaked 57 page cabinet document ‘Climate Change Action Plan’) are planning a phase out of natural gas us in the province by 2030; the currently by 1.3 billion cubic ft./day from Alberta; solar panels, electricity and funny math perhaps … tic toc …
+ Penn West Petroleum Ltd. engaged advisors to find a solution to impending potential debt default due to low oil and natural gas prices
+ Perpetual Energy Inc. agreed to sell its 30% interest in Warwick Gas Storage LP for $20 million
+ Premier Notley met with oil sands company executives to discuss wildfire impacts and return to operations; resulting announcements made it clear companies are starting or on the verge of starting up again, far faster than Fort McMurray – essentially with flown in staff
+ Prime Minister Trudeau visited Fort McMurray – said nice things, expressed amazement about how poorly the rest of Canada appreciates what happened there and why so many people are so devastated, photo-ops and off he went again leaving behind promises of Employment Insurance money for Edmonton …
+ Range Resources agreed to acquire Memorial Resource Development Corp. for US$4.4 billion
+ Reliance Oilfield Services agreed to acquire the North American Wireline assets of FMC Technologies Inc.; terms not disclosed
+ SandRidge Energy Inc. filed for Chapter 11 bankruptcy protection
+ Sobeys Inc. entered into a $418 million sale lease-back transaction with Crombie REIT covering 19 retail properties, 50% of 3 distribution centres and 2 development sites
+ Total opened its £3.5 billion Shetland Gas Plant – largest UK construction project since the London Olympics; will deliver North Sea natural gas to UK customers
THIS WEEK IN FINANCINGS
- proposed & closed
+ Anderson Energy Inc. closed $47.67 million convertible unsecured debt for debt exchange
+ CT REIT is on the market to raised $350 million in sr. unsecured debt
+ Encanto Potash Corp. is on the market to raise $2.7 million in equity
+ Enerplus Corporation is on the market to raise $200 million in equity
+ Enhanced Oil Resources Inc. closed US$2.5 million equity financing
+ Ikkuma Resources Corp. closed $10.0 million equity financing
+ JR Canada Restaurant Group Ltd. closed $6.7 million equity financing
+ Synergy Resources Corporation closed US$251.8 million equity financing
+ Whitecap Resources Inc. is on the market to raise $470 million in equity
+ Zenith Epigenetics closed US$24.6 million equity financing
+ 407 International Inc. closed $500 million tranche of unsecured debt
OIL SANDS AND
HEAVY OIL NEWS
+ a million barrels of oil a day was removed from the market in Alberta in the past two weeks as a result of the fires in Fort McMurray; production now starting to rise slowly
+ Enbridge Inc. restarted operations at Cheecham oil terminal and is poised to restart Woodland and Athabasca pipelines
+ Fort McMurray wildfires remain out of control – now 251,000 hectares/ 620,000 acres – has moved mostly eastward this week; emergency workers are readying the hospital to reopen, 300 ATCO staff readying utility services to be restarted – waiting for an announcement for GOA for residents to being returning; GOA has provided satellite photo access for owners of homes and businesses to see their locations; get the app and terms of use ; fire has now shifted north, forcing evacuation of 4,000 from camps to the north, and stalling crews returning to Suncor and Syncrude operations and westward threatening Timberlea area of the city. Utility and emergency workers in Fort McMurray are sheltering in place at Mac Island and the hospital.
+ Husky Energy Inc. commenced steam operations at the Vawn Lloyd Thermal Plan in Saskatchewan
+ Premier Notley met with oil sands company executives to discuss wildfire impacts and return to operations; resulting announcements made it clear companies are starting or on the verge of starting up again, far faster than Fort Murray – essentially with flown in staff
+ Shell restarted operations at its Albian Sands project following the recent wildfire related shut down; work is being done by fly-in staff
+ Suncor is restarting operations at Firebag
INTERESTING REAL ESTATE NEWS, other places
+ Manulife Financial Corporation are getting creative; a REIT creation – Manulife U.S. REIT and debt financing (500 million Singapore dollars) in Singapore will give Asian investors and opportunity to invest in U.S. real estate
+ social housing experiment? … seems like a good price per door for the BC government; buying two Vancouver buildings for $2.7 million, then will allow Westbank Corp. to integrate them, build a tower with 214 rental units and street-level retail space at an estimated cost of $52.8 million, planned to include three-floors with 80 social housing units. Remainder will be market rent suites.
this week in REITS
+ Anne Smolen to CFO @ Inovalis REIT
+ Antoine Tronquoy, CFO @ Inovalis REIT, resigned
+ Boardwalk REIT announced it has agreed to acquire three newly build low-rise apartment buildings in Edmonton for $93,019,750
+ CT REIT is on the market to raised $350 million in sr. unsecured debt
+ InnVest REIT agreed to be sold (portfolio of 109 hotels in Canada) for $1.6 billion to China investors backed Bluesky Hotels & Resorts Inc.; portfolio included Fairmont Palliser
+ Manulife Financial Corporation are getting creative; a REIT creation – Manulife U.S. REIT and debt financing (500 million Singapore dollars) in Singapore will give Asian investors and opportunity to invest in U.S. real estate
+ Slate Retail REIT agreed to acquire Abbott’s Village, a food-anchored centre in Atlanta for US$15.2 million
+ Sobeys Inc. entered into a $418 million sale lease-back transaction with Crombie REIT covering 19 retail properties, 50% of 3 distribution centres and 2 development sites
