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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 

+ Alex Bellefleur to Chief Economist and Strategist @ Mackenzie Financial Corporation

+ Andrea Stairs to Director @ Export Development Corporation

+ Cameron Schepp to Partner @ McMillan LLP

+ Catherine Warren to CEO @ Vancouver Economic Commission

+ David Plouffe to Business Partner, Workplace Solutions @ City of Calgary

+ Denyse Chicoyne, Director @ Industrial Alliance Insurance, resigned

+ Donald LeCavalier to Exec. VP & CFO @ Fiera Capital Corporation

+ Eliot Lifson to Director @ Export Development Corporation

+ Fred Guzman to Project Mgr., Cybersecurity @ Enbridge

+ Grant Daunheimer to Principal @ Kepler Capital Corporation

+ Grant Galbraith to Chairman @ Collins Barrow National Cooperative Inc.

+ John O’Neill to CEO @ American Hotel Income Properties REIT

+ Irene Au to VP Leasing @ Jawl Properties Ltd.

+ Karen MacWilliam to Director @ Export Development Corporation

+ Karna Gupta to Director @ Export Development Corporation

+ Keith Lee to Job Developer/Employer Liaison @ Regina Open Door Society

+ Lindsay Gordon to Director @ Export Development Corporation

+ Lucia Piazza to U.S. Consul General to Alberta

+ Mario Mendoza to Team Lead, Mechanical Engineering @ WSP

+ Martine Irman to Chair @ Export Development Corporation

+ Melissa Walsh to Leasing Director, Retail @ Harvard Developments Inc.

+ Nathalie Théberge ti Vice-Chair & CEO @ Copyright Board of Canada

+ Niha Prasad-Kroliczek to Managing Principal, Bus. Dev. @ Riddell Kurczaba Architecture Interior Design

+ Pamela Kimmet to Chief Human Relations Officer @ Manulife Financial Corporation

+ Paul Barebeau to Partner @ McMillan LLP

+ Paul Lorentz to Pres. & CEO Global Wealth & Asset Management @ Manulife Financial Corporation

+ Pierre Boivin to Director @ Export Development Canada

+ Reetu Gupta to Pres. & CEO @ The Gupta Group and Easton’s Group of Hotels

+ Rod Miller to VP Bus. Dev. @ LHH Knightsbridge

+ Ryan Clarke to Project Mgr. @ BMP Construction Management

+ Samuel Thierman to Director and Sr. Private Banker – Private Banking @ National Bank

+ Scott Hartz to Chief Investment Officer @ Manulife Financial Corporation

+ Warren Thomson, CIO @ Manulife Financial Corporation, retired


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




 MEMORIAM

+ Clay Riddell, Officer of the Order of Canada, founder and Chairman @ Paramount Resources Ltd., Chairman @ Perpetual Energy Inc., co-owner of the Calgary Flames and philanthropist; 81

+ Jack Pullen, geophysicist, retired VP Exploration @ Suncor; 90




 HUMAN RESOURCE + WORKPLACE TRENDS 

+ how to run a better meeting (the conference series) by Seth Godin

+ managing employees who don’t respect the boss

+ report: will machines take over half our jobs by 2025, or will they generate even more jobs?




 KUDOS 

+ to Allan Norirs, Chairman & CEO @ Brookfield Residential – inducted into BILD Alberta Hall of Fame

+ to City Palate magazine, celebrating 25 years!




 QUOTES 

+ In the end, it’s not the years in your life that count. It’s the life in your years. – Abraham Lincoln

+ Every new beginning comes from some other beginning’s end. – Seneca




  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

+ BIM – Building Information Modeling

+ 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

+ EPC – engineering, procurement and construction

+ 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

+ MOA – Memorandum of Agreement

+ 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




current week data

this  site is refreshed with a new issue every Tuesday morning


updated September 18, 2018




 TODAY'S HEADLINES


HEADLINES: AKITA closes on Xtreme | Bill C-69 woes | CNRL gets Laricina | Prairie Provident buying Marquee | Sinopec/Stantec refinery plan | rinidad treading water + deals + rig counts + upcoming events, appointments + climate change + infrastructure + REIT NEWS + financings + Olympic bid progress




CONVERSATIONS

A recent conversation with Jenna Kaye, CEO @ Odyssey Trust

A recent conversation with Eric Friesen, Exec. VP @ Cool Green Solutions

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



 sponsors of this week's issue:

e-mail to Katherine Robinson, Managing Director

e-mail to Kim Green, Sr. Associate, Interior Design
ARCHITECTURE + INTERIOR DESIGN



e-mail Grant Robinson, Managing Director, Calgary
 
RISK & INSURANCE SOLUTIONS



CONTACT MARK KOLKE 
OFFICE AND INDUSTRIAL LEASING



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



e-mail Peter Gatzsch
 
COMMERCIAL INTERIOR CONSTRUCTION



 
DATA CENTRE

e-mail: June.Read@DataHive.ca



PUT YOUR 
COMPANY HERE
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SEE YOUR 
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e-mail Norm Landry
 
PROJECT MANAGEMENT



CONTACT MARK KOLKE 
RESIDENTIAL SALES



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



 CALGARY OLYMPICS 2026 BID WATCH 


+ expected costs of hosting the games were released by the Calgary Bid Exploration Committee - $5.23 billion, up $1.0 billion from $4.6 billion estimated. The plan calls for two new venues – a fieldhouse and a 6,000 seat arena. No plans for a replacement of the Saddledome are in the plan. Supported by the IOC, provincial and federal governments, ticket sales and corporate sponsorships – the plan would leave the City of Calgary coughing up $200.0 million to host the games. With an upcoming plebiscite the war of words, pro and con has begun with critics claiming the economic benefits will not be as good as touted – meanwhile critics are pointing out the obvious, an Olympics won’t re-start the oil patch! What seems to be lost in the debate so far is what an Olympic games will do for community spirit, children focusing on fitness and sport and a community of volunteers putting on a show to host the world, to show off to the world why Calgary is such a wonderful place to live and do business. … tic toc …

+ Notley government announced it will provide full details of its funding support for the Olympic bid BEFORE the Nov. 13 plebiscite

+ the bid process

+ Feasibility Study and Conceptual Master Hosting Plan [365 page PDF download] – presented to Calgary City Council May 31, 2017




 SAVE THE DATE / upcoming events

+ Sept. 15-18; CAPL Conference 2018, Hotel Saskatchewan, Regina; program/register

+ Sept. 25-27; International Pipeline EXPO, Telus Convention Centre, Calgary; info/registration

+ Sept. 28; Friends of Fish Creek – A taste of Autumn – Wine & Beer Tasting and Silent Auction, Canyon Meadows Golf and Country Club; info/tickets

+ Oct. 23; Calgary Real Estate Forum, Telus Convention Centre, Calgary; info/registration

+ Oct. 23; CAPPA Conference 2018, Telus Convention Centre, Calgary; agenda/register

+ Oct. 23-25; 2018 CanWEA Annual Conference and Exhibition, BMO Centre, Stampede Park, Calgary; info/registration

+ Oct. 30; 24th Annual Joint Conference – GPAC/PJVA; Calgary Petroleum Club, Calgary; info/registration

+ Nov. 7; Vera & Friends Variety Show/Fundraiser for Story Circle work in Southern Sudanese community. Bella Concert Hall, Mount Royal University, Calgary; info/tickets

+ Nov. 13; Calgary 2026 Winter Olympic Bid Plebiscite – where/when to vote

+ Nov. 14-15; 2018 World Energy Council North America Region Energy Forum, Telus Convention Centre, Calgary; info/register

+ Nov. 28-29; Real Estate Forum, Metro Toronto Convention Centre, info/register

+ Dec. 9-10; 9th Annual Sustainable Innovation Forum 2018/COP24, Katowice, Poland; info/register


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



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NEWS SUMMARY 
 September 11 ~ 18 


+ AKITA Drilling Ltd. completed its combination with Xtreme Drilling Corp.

+ AltaGas Ltd. is spinning off a portfolio of assets to raise case to retire debt taken on in a recent merger; putting utility and wind-farm business units into AltaGas Canada Inc. and looking to raise $1.0 billion by IPO to finance it

+ Bill C-69 opposition is causing the Trudeau government some pause as industry and investor reaction to this bill – seen by many as an attempt to mess up pipeline projects even more; this bill will hopefully be stalled, reworked or defeated in the Senate … tic tock

+ Canadian Natural Resources Limited succeeded in getting approval of its offer to acquire Laricina Energy Ltd.

+ current energy prices – live link to current Bloomberg energy prices / OilPrice.com; prices steady just under US$69/bbl for WTI, US$78/bbl for Brent – prices are firm on concerns about global supply

+ InPlay Oil Corp. agreed to sell a portfolio of non-core West Pembina assets for $16.7 million

+ Kinder Morgan hired advisors to sell its Canadian business; expected to fetch $2.4 billion

+ notwithstanding clause; the Ontario Ford government’s plan to use the notwithstanding clause in our constitution is causing some – like this writer – to wonder why the Prime Minister is not invoking the notwithstanding clause to the Trans Mountain Pipeline Expansion project built? It is, after all, about nation building rather than nation-wrecking …tic toc

+ Prairie Provident Resources Inc. agreed to acquire Marquee Energy Ltd. for $55.0 million

+ rig counts: up 22 to 226 this week; click here for full breakdown

+ Sinopec is joining with Teedrum and Stantec with a plan to develop SinoCan Global refinery to process heavy oil; capital cost $8.5 billion; expect regulatory approval process to take two years

+ Trans Mountain Pipeline expansion project: Trudeau government to announce its plan for moving forward by the end of September … tic toc

+ Trinidad Drilling seeking a white knight as they resist Ensign’s hostile take-over bid

+ USD Partners LP announced a 50% expansion of crude-by-rail terminal through-put capacity at Hardisty, AB; expanding capacity to three-120car trains/225,000 bpd

+ U.S. Energy Information Administration – announced the U.S. is now the largest global crude producer

+ U.S. rig counts: up 7 this week to 1,055: click here for full breakdown




THIS WEEK IN FINANCINGS 
- proposed & closed

+ AltaGas Canada Inc. is on the market to raise $1.0 billion by IPO

+ Bank of Montreal closed $400.0 million preferred share financing

+ Bellatrix Exploration Ltd. secured US$152.0 million in debt refinancing

+ Blackbird Energy Inc. is on the market to raise $12.4 million in flow-through common share issue

+ Brookfield Fairfield U.S. Multifamily Value Add Fund III closed $1.0 billion equity raise

+ Canaccord Genuity Growth Corp. is on the market to raise $40.05 million in equity by IPO

+ Cequence Energy Ltd. closed $8.59 million equity rights financing

+ Cequence Energy Ltd. closed $60.0 million 2nd lien sr. secured debt financing

+ Distinct Infrastructure Group Inc. closed $10.0 million convertible debt financing by private placement

+ iSIGN Media Solutions Inc.

+ Magellan Aerospace Corporation secured $150.0 million credit facility

+ PRO REIT is on the market to raise $35.0 million in equity

+ Tidewater Midstream and Infrastructure Ltd. secured $325.0 million credit facility


*editor’s note: names companies involved in debt financing transactions we report in this section are ALWAYS the borrower …




 this week in REITS 


+ Agellan Commercial REIT engaged advisors to explore ‘strategic alternatives’

+ John O’Neill to CEO @ American Hotel Income Properties REIT

+ PRO REIT is on the market to raise $35.0 million in equity

+ PRO REIT agreed to acquire office properties in Ottawa and an industrial property in Ste. Hyacinthe for an aggregate of $61.7 million

+ Summit Industrial Income REIT advanced $16.0 million mezzanine loan to its partner Urbacon Montreal LP to develop 95,000 sq. ft. food data centre in Montreal; loan is convertible to 50% ownership once property is completed and leased

+ True North Commercial REIT closed its $26.75 million acquisition of full tenanted 148,000 sq. ft. office building in NE Calgary




 INFRASTRUCTURE / P3  


+ ATCO agreed to acquire 40% of Neltume Ports for $450.0 million; South American ports

+ Boralex Inc. acquired the interest of Invenergy Renewables LLC in 5 wind farms (201MW installed capacity) for $215.0 million

+ Calgary’s new central public library construction is complete – turned over to the Library Board to fill it with books; opening Nov. 1st




 INTERESTING REAL ESTATE NEWS FROM OTHER PLACES 


+ Concert Properties purchased a fully leased new-build 128,404 sq. ft. LEED Silver office building [468 Terminal Avenue] in Vancouver’s False Creek area; building is fully leased to Canada Revenue Agency

+ Omers and Blackstone still duking it out down-under – bidding for Investa Office Fund … tic toc




 INTERESTING THINGS IN RETAIL 


+ Hudson’s Bay Co. announced it will merge its German retail stores with a competing chain Karstadt Warenhaus in a JV with Signa Holding GmbH; HBC will hold 49.9% and derive $616.0 million from the deal

+ Walmart Canada have teamed up with InstaCart to offer same-day grocery delivery; testing will start in GTA and Winnipeg …




 SHAREHOLDER MEETINGS

+ Sept. 19; Calgary Chamber of Voluntary Organizations, Annual General Meeting, Fort Calgary, Calgary

+ Sept. 25; Calgary Philharmonic Society, Annual General Meeting, Ranchman’s Club, Calgary

+ Oct. 11; Canada Development Investment Corporation, Annual Public Meeting, Calgary


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



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