+ Oct. 29-30; Business Transitions Forum, Westin Calgary; info/registration
+ Nov. 6; 6th Annual Barney Bentall and Cariboo Express/Peter Burgener Memorial Charity Concert benefit for Classroom Champions; save the date/information
+ There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else. – Sam Walton
+ An economist's guess is liable to be as good as anybody else's. – Will Rogers
+ Sept. 11; Alberta Treasury Management Charity Classic – in support of Big Brothers Big Sisters of Calgary and Area, Canmore Golf & Curling Club; info/registration
+ Alaris Royalty Corp. got shareholder approval for its conversion to an income trust; to be named Alaris Equity Partners Income Trust
+ Alberta COVID-19 stats: 239 deaths, 1,370 active cases of 13,902 cases to date: aggregate Alberta data – currently, 44 Albertans are in the hospital with COVID-19, and 8 of those are in intensive care units
+ Alberta did a Stage 2 relaunch, allowing many more businesses to re-open and allowing a wider range of public gathering activities started June 12th; state of public health emergency status for Calgary, and for Alberta, now lifted. The maximum size of outdoor gatherings has been raised to 200 ~ Stage 3 still to come
+ Alberta schools re-opening; school boards offering classroom and online learning – parents seem widely divided on their wishes, educators say they are ready … tic toc
+ ABTraceTogether – get the APP; GOA has launched an app which, if loaded on your phone, enables contact tracing in the event you or someone you’ve been near contracts COVID-19; this is something we should all consider getting on-board
+ back to school for K-12 students begins this week; concerns are abundant around the province as physical distancing guidelines have been altered; parents, teachers, administrators, and students are in for significant adjustments … tic toc
+ Boyuan Construction Group Inc. got shareholder approval for its going-private transaction
+ Canada – Trudeau government providing $2.0 billion to provinces to support a safe return to school; extended two pandemic business loan programs; the $40K/Canadian Emergency Business Account loans extended to Oct. 31, and Business Credit Availability Program for larger businesses extended to June, 2021
+ Communauto launched a car-sharing service in Calgary; Communauto FLEX; 150 cars initially deployed in Calgary
+ current energy prices; live link to current Bloomberg energy prices / OilPrice.com; crude prices up to highest levels since March on rising global demand, disruption to Gulf of Mexico storm production, and raised industry forecasts for price; Henry Hub natural gas prices based on hot weather demand
+ Enbridge Inc.’s offshore natural gas pipeline in the Gulf of Mexico is offline, as force majeure declared for Garden Banks and Nautilus lines; damage from hurricane Laura is being inspected/repaired
+ Just Energy Group Inc. got approval for its recapitalization plan
+ Keyera Corp. experienced an unplanned outage at its Keyera Wapiti Gas Plant; cause, repair costs, and timing till operations resume is uncertain … tic toc
+ Obsidian Energy Ltd. in discussions with Bonterra Energy Corp. for a friendly takeover/combination in an all shares transaction … tic toc
+ rig counts (active/working) – U.S.: no change/254 this week; Canada: down 2 of 54 this week; full breakdown
+ Whitecap Resources Inc. agreed to $155.0 million agreement to acquire NAL Resources Limited in an all-shares transaction
THIS WEEK IN FINANCINGS
- proposed & closed
+ Aereus Technologies Inc. closed $2.644 million equity financing by private placement
+ Boralex Inc. closed $201.0 million equity financing
+ BSR REIT closed US$40.0 million convertible unsecured debt financing
+ Chemtrade Logistics Income Fund closed $75.0 million convertible unsecured debt financing
+ Dispatch Coffee closed $1.26 million equity financing
+ First Capital REIT is on the market to raise $200.0 million in sr. unsecured debt
+ First Energy Metals Ltd. is on the market to raise $2.0 million in equity by private placement
+ Plexus Technology closed $5.5 million equity financing
+ Summit Industrial Income REIT closed $172.5 million equity financing
+ SWTCH Energy Inc. closed $1.1 million equity financing
+ Tricon Capital Group Inc.’s Tricon Residential Inc. secured $395.0 million equity financing by private placement
+ UrtheCast Corp. secured US$1.0 million debt financing
~
*editor’s note: names companies involved in debt financing transactions we report in this section are ALWAYS the borrower; we report ‘fresh raises’ and do not report secondary offerings or non-arm’s-length transactions …
SHAREHOLDER MEETINGS
+ Sept. 9; HMH China Investments Limited, Annual General Meeting, Niagara Falls, NY
+ Sept. 10; Covington Venture Fund Inc., Special Meeting of Shareholders, Toronto
+ Sept. 14; Pipestone Energy Corp., Annual General and Special Meeting, Calgary
+ Sept. 15; Cequence Energy Ltd., Meeting of Secured and Unsecured Creditors, Calgary
+ JC Penney negotiations with its landlords (primary landlords are Simon Property Group and Brookfield Property Partners LP) at an impasse/stalled; meanwhile negotiations to sell the whole enterprise to others have proven unsuccessful … time is not their friend
+ J. Crew Group got its reorganization plan approved; will emerge from Chapter 11 in early September – converting US$1.65 billion in debt to equity, secured US$800.0 million in new financings after reaching agreements with landlords to improve lease terms on its 481 stores
INTERESTING TRENDS IN OFFICE REAL ESTATE
+ Regus Corporation subsidiaries, Chapter 11 Debtors owing $433.0 million to Regus Corporation are in the glue due to COVID related business downturn; filings in Canada piggyback on U.S. Chapter 11 filings
this week in REITS + TRUSTS
+ CAP REIT agreed to acquire two apartment properties (301 doors) in London, ON and Sarnia, ON for $50.0 million
+ InterRent REIT acquired a 723-door/ five-building portfolio (London and Hamilton, ON) portfolio for $170.7 million
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