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Canada

  • Precision Drilling Completes $400 Million High Yield Debt Offering

    Capital Markets & SecuritiesTaxEnvironmentalCanada

    Precision Drilling Corporation completed a Rule 144A and Regulation S offering of its 5.250% senior notes due 2024 for gross proceeds of U.S. $400 million. Precision Drilling Corporation is a Canadian company that provides oil and natural gas drilling and related services and products and specializes in onshore drilling services in all major unconventional oil and natural gas basins. Paul, Weiss represented the underwriters, led by Credit Suisse, RBC Capital Markets and Morgan Stanley, in connection with the offering.

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  • Ivanhoe Mines Completes Concurrent Offering and Private Placement

    Capital Markets & SecuritiesTaxCanada

    Paul, Weiss client Ivanhoe Mines Ltd. announced the closing of its offering of 95,834,100 units at Cdn$1.50 per unit for aggregate proceeds of Cdn$143,751,150. Each unit consists of one common share and one common share purchase warrant. The offering was conducted publicly in Canada and via private placement pursuant to Section 4(a)(2) of the Securities Act in the United States. BMO Nesbitt Burns Inc., CIBC World Markets Inc. and Macquarie Capital Markets Canada Ltd. co-led the syndicate of underwriters for the transaction. Ivanhoe Mines is a mineral exploration and development company whose principal properties are located in South Africa and the Democratic Republic of the Congo.

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  • TransAlta Closes $400 Million Public Offering

    Capital Markets & SecuritiesTaxEnvironmental

    Paul, Weiss client TransAlta Corporation closed its public offering in the United States of $400 million of 1.900% senior notes due 2017. HSBC Securities (USA) Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as joint bookrunning managers.

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  • PrairieSky Royalty Completes IPO

    Capital Markets & SecuritiesTaxEnvironmental

    Paul, Weiss client PrairieSky Royalty Ltd. closed its Canadian initial public offering of 59,800,000 common shares (including the full exercise of the overallotment option on May 3) at Cdn$28.00 per common share. The shares were sold by Encana Corporation, the selling shareholder, for aggregate gross proceeds to Encana of approximately Cdn$1.67 billion. The offering consisted of an initial public offering in Canada and private placement in the United States pursuant to Rule 144A. The syndicate of underwriters was led by TD Securities Inc. and CIBC World Markets Inc.

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  • Canadian Pacific Closes Secondary Offering
    of Common Shares for Pershing Square

    CanadaCapital Markets & SecuritiesEnvironmentalTax

    Paul, Weiss client Canadian Pacific Railway Limited closed on a public offering of 5,965,304 common shares offered by certain funds managed by Pershing Square Capital Management L.P. for aggregate proceeds of $834 million to the selling shareholders. The offering was made concurrently in the United States and Canada under Canadian Pacific's shelf registration statements. Credit Suisse Securities (USA) LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC were underwriters in the transaction.

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  • Cenovus Energy Inc. Closes
    $800 Million Debt Offering

    CanadaCapital Markets & SecuritiesEnvironmentalTax

    Paul, Weiss client Cenovus Energy Inc., a Canadian integrated oil company headquartered in Calgary, Alberta, completed a public offering in the United States of $800 million of senior unsecured notes in two series: $450 million 3.80% senior notes due 2023 and $350 million 5.20% senior notes due 2043. The joint bookrunning managers were Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital Inc. and J.P. Morgan Securities LLC. The net proceeds of the offering will be used to fund the redemption of Cenovus's $800 million 4.50% senior notes due 2014.

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  • Agrium Closes $1 Billion Public
    Offering of Investment

    CanadaCapital Markets & SecuritiesEnvironmentalTax

    Paul, Weiss Canadian client Agrium Inc. closed a U.S. public offering of $1 billion of 10- year and 30-year debentures. Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBC Capital Markets, LLC and Scotia Capital (USA) Inc. acted as joint bookrunning managers. The offering was made in the United States under Agrium's previously filed base shelf prospectus dated April 2, 2012. Headquartered in Calgary, Alberta, Agrium is a major retail supplier of agricultural products and services in North America, South America and Australia and a leading global producer and marketer of agricultural nutrients and industrial products. 

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  • TransAlta Renewables Closes IPO

    CanadaCapital Markets & SecuritiesEnvironmentalTax

    Paul, Weiss client TransAlta Renewables Inc. closed its initial public offering of 20 million common shares at Cdn$10.00 per share. CIBC World Markets Inc. and RBC Dominion Securities Inc. co-led the syndicate of underwriters for the transaction.

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  • Kohlberg & Company Completes
    Secondary Offering of Bauer Shares

    CanadaCapital Markets & Securities

    Paul, Weiss client Kohlberg & Company, LLC, through certain of its funds, completed a secondary offering of 6,325,000 common shares of Bauer Performance Sports Ltd. (BPS), including 825,000 common shares sold pursuant to an over-allotment option. BPS, a former portfolio company and a leading developer and manufacturer of hockey and lacrosse equipment, completed its initial public offering in Canada in March 2011. The shares were purchased by several underwriters in a bought deal and were offered publicly in Canada and under Rule 144A in the United States. Total proceeds from the offering were approximately $77 million.

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  • Nexen Acquired For More
    Than $15 Billion By CNOOC

    CanadaAsiaMergers & AcquisitionsEmployee BenefitsTax

    As has been widely reported in several media outlets, including The New York Times, the Wall Street Journal and the Financial Times, Paul, Weiss client Nexen Inc. (Nexen), a Canada-based global energy company with operations in the UK, Canada, Nigeria, the United States and elsewhere, was acquired for more than $15 billion by CNOOC Ltd., China's state-owned offshore oil and gas company. Under the terms of the transaction, which will see TSX- and NYSE-listed Nexen go private, CNOOC acquired all of Nexen's outstanding common shares for $27.50 per share in cash, a premium of 61 percent to the closing price on the NYSE immediately prior to the announcement of the acquisition.

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Canada Partners

Paul, Weiss, Rifkind, Wharton & Garrison LLP