FACILITYCalgary

news, commentary & perspective - financings, deals - commercial real estate, infrastructure, oil & gas

FACILITYCalgary May 6/25

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SHAKERS AND MOVERS 
moving, retired, resigned, died or left the company

+ Alastair Cochran to CFO @ Petrofrac Limited

+ Baljit Singh to Dean, Faculty of Veterinary Medicine @ University of Calgary

+ Christine Shinnie to CFO @ Sterling Resources Ltd.

+ David Blewden, CFO @ Sterling Resources Ltd., left the company

+ Gary Doer to Sr. Bus. Advisor @ Dentons

+ Herman Gee, Pres. & Gen. Mgr. @ Realty Works, died

+ Ian McAuley to Pres. @ American Hotel Income Properties REIT LP

+ James Rolfe to Chief Development Officer @ Medical Facilities Corporation

+ Normie Kwong, former Lt.-Gov of Alberta, businessman, philanthropist and Calgary Stampeder, died

+ Rob Wesseling to Pres. & CEO @ Co-operators Group Limited


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




 QUOTES

+ I have not failed. I’ve just found 10,000 ways that won’t work. – Thomas A. Edison

+ Success is how high you bounce when you hit bottom. – George S. Patton




 KUDOS 

+ to Shaw and Canyon Meadows – the Shaw Charity Classic tournament hosted the PGA Champions Tour; won by Carlos Franco, the tournament is expected to raise more than $2.7million for charities when all the proceeds are tabulated. 




BOARDROOM changes, purges, appointments etc.

+ Alan Withey to Director @ Trident Exploration Corp.

+ Azim Dhalla, Director @ Leis Industries Limited, resigned

+ Britt Reynolds to Director @ Medical Facilities Corporation

+ Darren O’Brien to Director @ Trident Exploration Corp.

+ Jeff Young to Director @ Trident Exploration Corp.

+ Pierre Blouin to Director @ National Bank of Canada

+ Sonia Baxendale to Director @ Laurentian Bank


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




 SHAREHOLDER MEETINGS

+ Sept. 6; Export Development Canada, Ottawa

+ Sept. 8; Arsenal Energy Inc., Security Holders Meeting, Calgary

+ Sept. 8; Lone Pine Resources Canada Ltd., Security Holders Meeting, Calgary

+ Sept. 12; Calgary Chamber of Voluntary Organizations, Annual General Meeting, Calgary

+ Sept. 15; Empire Company Limited, Annual General Meeting, New Glasgow, NS

+ Sept. 26; Theatre Calgary Society, Annual General Meeting, Calgary

+ Sept. 27; Calgary Philharmonic Society, Annual General Meeting, Calgary

+ Nov. 15; Alberta Oilsands Inc., Annual Meeting of Shareholders, Calgary


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



  GLOSSARY 

+ AEMERA – Alberta Environmental Monitoring Evaluation and Reporting Agency

+ AER - Alberta Energy Regulator

+ ASC – Alberta Securities Commission

+ AUC – Alberta Utilities Commission

+ BBL – barrel

+ BBLS/D – barrels per day

+ 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

+ 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

+ 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

+ GJ – gigajoule

+ GLA – gross leasable area

+ GOA - Government of Alberta

+ GOM – Gulf of Mexico

+ GTA – greater Toronto area

+ G&A – general and administrative

+ 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

+ MCF – thousand cubic feet

+ MCF/D – thousand cubic feet per day

+ mezz – mezzanine debt

+ 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

+ P3 – Public Private Partnership

+ PADD – U.S. Petroleum Administration for Defense Districts

+ PPA – Power Purchase Agreement

+ PSAC – Petroleum Services Association of Canada

+ RECA – Real Estate Council of Alberta

+ REIT – Real Estate Investment Trust

+ RFP – request for proposals

+ RFQ – request for qualifications

+ RICS – Royal Institution of Chartered Surveyors

+ RNG – renewal natural gas

+ SAGD – steam assisted gravity drainage

+ S & P – Standard & Poors

+ sub – subsidiary

+ sub. – subordinated

+ tic toc – we’ll see …

+ UDI – Urban Development Institute

+ WTI – West Texas Intermediate crude benchmark price

+ WTO – World Trade Organization

+ YYC – Calgary International Airport




 SUGGESTIONS / COMMENTS:
 
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FACILITYCalgary
current week data

this  site is refreshed with a new issue every Tuesday morning


updated September 6, 2016




 TODAY'S HEADLINES


NEWS | Agrium – Potash Corp. merger | Cara buying Original Joe’s | CPPIB buys US$1.18 billion sake in Oxford buildings | Enbridge-Spectra $165 billion merger | G20 little more than a photo-op | TORC closes portfolio buy | Twin Butte in receivership + David Tupper interview | upcoming events, appointments, oil sands/heavy oil + climate change + infrastructure + REIT NEWS + financing$ + charity golf tournaments




CONVERSATIONS

Mark Kolke interviews interesting people. He seeks a glimpse of what drives them, how they see the world and what they see in Calgary's future. 

This week's conversation with David Tupper, Partner @ Blake, Cassels & Graydon LLP

Last week's conversation with Gitane De Silva, Alberta's Senior Representative to the United States of America

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



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 sponsors of this week's issue:

CONTACT PIVOTAL
 
PROJECT MANAGEMENT



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



CONTACT DAWSCO
 
COFFEE SERVICES



e-mail to Sharon Martens
 
INTERIOR DESIGN



e-mail Peter Gatzsch
 
COMMERCIAL INTERIOR CONSTRUCTION



PUT YOUR 
COMPANY HERE
 Advertising/sponsorship queries:  kolke@facilitycalgary.com 







 SAVE THE DATE / upcoming events

+ Sept. 6 - 9; World Heavy Oil Congress, Stampede Park, Calgary; info/registration

+ Sept. 8; Rea;REIT Conference, Metro Toronto Convention Centre, Toronto; info/register

+ Sept. 15; Merit Contractors Association – 30th Anniversary Gala, Edmonton; info/tickets

+ Sept. 20-22; BOMEX/BOMA Canada's National Conference & Exhibition, Regina; info/register

+ Sept. 22-25; 2016 Calgary Home + Design Show, BMO Centre, Stampede Park, Calgary info/register

+ Oct. 4-5; CanWeld 2016, Edmonton Northlands, Edmonton

+ Oct. 9-13; 23rd World Energy Congress, Istanbul, Turkey; info/register

+ Oct. 17-19; QUEST2016 Conference and Trade Show, Westin Hotel, Calgary; info/register

+ Nov. 1-2; PetroChem Canada 2016, Shaw Conference Centre, Edmonton; info/register

+ Nov. 9-10; BUILDEX Calgary, BMO Centre, Stampede Park, Calgary; info/register/sponsor

+ Nov. 14-15; Platts 20th Annual Mexican Energy Conference, Mexico City; info/register

+ Nov. 29 - Dec. 1;  Real Estate Forum & Global Property Market, Metro Toronto Convention Centre; info/register

2017

+ Mar. 22-24/2017; Economic Developers Alberta Annual Conference 'Embracing Change; Creating Opportunity', Banff Centre, Banff; info/registration

+ Apr. 4-7/2017; Japan Gastech Conference & Exhibition, Tokyo; info/register/save the date

+ June 13 - 15/2017; Global Petroleum Show, Stampede Park, Calgary; info/save the date

+ Sept. 12-13/2017; Oil Sands Trade Show & Conference, Suncor Community Leisure Centre, Fort McMurray; info/registration

+ Oct. 16-24/2017; World Design Summit, ‘UNESCO City of Design’, Montreal


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



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NEWS SUMMARY 
 Aug. 30 ~ Sept. 6  


+ Agrium Inc. in a ‘merger of equals’ negotiation with Potash Corporation … tic toc

+ Canada Post and its workers’ union reached a settlement and averted postal disruption

+ Cara Operations Limited agreed to acquire a majority interest in Original Joe’s Franchise Group Inc. for $93 million; Calgary head office and senior executives will remain in place

+ Cara Operations Limited closed its $537 million acquisition of Group ST-Hubert

+ CPPIB agreed to by a 50% stake of office portfolio properties in Calgary and Toronto from OMERS’ Oxford Properties Group for US$1.18 billion (7 building portfolio included Centennial Place and Eau Claire Tower in Calgary)

+ current energy prices – live link to current Bloomberg energy prices; U.S. summer gasoline inventory glut easing, Brent at US$47, WTI @ US$45 ish … North American markets closed yesterday for Labour Day holiday; supply glut continues but Putin-OPEC discussions about output caps together with economic and political unrest in Nigeria and Venezuela have traders paying attention … tic toc

+ Enbridge Inc. has agreed to a merger with Spectra Energy Corp; combined enterprise value is $165 billion; will operate as Enbridge Inc.

+ Enbridge has back-burner-ed its Sandpiper pipeline project due to production slowdowns in the Bakken

+ G20 leaders wrapped up their meeting in China with little discernable result, agreeing the global economy lacks momentum and required innovation; China made a commitment to reduce steel production in an effort to quit dumping low cost steel into other markets, but little else is clear …

+ Phillips 66 Partners LP agreed to acquire natural gas liquids logistics system (Louisiana) from Chevron Corp.; deal includes 500 miles of pipelines, storage cavern etc. – terms not disclosed

+ TORC Oil & Gas Ltd. closed its acquisition of SE Saskatchewan oil production assets for $89.5 million from Zargon Oil & Gas Ltd.

+ Twin Butte Energy Ltd. is in receivership; court appointed receiver is FTI Consulting Canada Inc.




THIS WEEK IN FINANCINGS 
- proposed & closed

+ Firm Capital Property Trust closed $7.1 million equity financing

+ Gensource Potash Corporation is on the market to raise $4.0 million by a flow-through shares & warrants offering

+ Smart REIT closed $350 million sr. unsecured debt financings

+ Westcoast Energy Inc. closed $300 million preferred share financing




 OIL SANDS AND 
HEAVY OIL NEWS 

+ Saipem Canada Inc. is suing CNRL for $214 million relating to work done/unpaid on the Horizon oilsands project




 this week in REITS 


+ American Hotel Income Properties REIT closed its acquisition of Oak Tree Inn in Nebraska for US$2.1 million

+ Firm Capital Property Trust closed $7.1 million equity financing

+ Ian McAuley to Pres. @ American Hotel Income Properties REIT LP

+ Smart REIT closed $350 million sr. unsecured debt financings




 INFRASTRUCTURE / P3  


+ Ottawa and Alberta governments reached an agreement: $1.08 billion in new funding for Alberta under two federal programs; Public Transit Infrastructure Fund and Clean Water and Wastewater Fund

+ Ottawa announced $68.5 million in infrastructure money for Calgary transit projects – but no word yet on funding for the Green Line LRT project




INTERESTING REAL ESTATE NEWS, other places


+ in Chicago, the Tribune Media Co. agreed to sell the Tribune Tower and excess development land to CIM Group for US$240 million in a sale/leaseback transaction; 35-floor building is 740,000 sq. ft., dev. Site is 36,000 sq. ft.

+ in wake of Brexit vote, users in London, UK are jittery: AXA, project leader, is urging co-investors (Temasek Holdings, CPPIB, BCiMC) to agree to a delay in construction of what will be London’s tallest tower (62 floors); known as 22 Bishopgate, the building will be 1.4 million sq. ft.

+ just next to the University of Regina campus, the City of Regina have donated land to Conexus Credit Union for construction of 80,000 sq. ft. headquarters and office space facility on Wascana Centre land; development of the 1.1 hectare parcel is expected to kick-start long delayed revitalization of the area (sure, free land has a tendency to do that …)

+ Sawridge Inn and Conference Centre in Fort McMurray is shutting; no longer going to be a hotel, it will be home to a new vehicle showroom to become the largest GM Dealership in Canada. Summit GM will retain part of the structure and continue a café on the site; terms not disclosed.

+ speaking of Regina, PCL Construction Management reached substantial completion of the $278.2 million Mosaic Stadium – go Riders! First Riders game in the new building will be Oct. 1/16




 CLIMATE CHANGE / LEED / RENEWABLE ENERGY  

+ University District – on University of Calgary lands has been designated LEED Platinum for Neighbourhood Development by the Canadian Green Buildings Council; not bad for ‘at the planning stage’ …well done U of C




 CHARITY GOLF TOURNAMENTS 

+ Sept. 12; TMX - 3rd Annual Golden Bull Charity Golf Classic, Valley Ridge Golf Club, Calgary; info/sponsor/register

+ Sept. 12; Sand Trapped, Charity Golf Classic, Miskanaw Golf Club, Mac Island, Fort McMurray; info/register

+ Sept. 13; The Kindness Open, Silver Tip Resort, Canmore; info/register/sponsor

+ Sept. 13; 7th Annual Gordon Hoffman Charity Golf Classic, Priddis Greens Golf & Country Club, Priddis; info/register


[send information on charity golf tournaments to:  kolke@facilitycalgary.com ]



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