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Canada

  • 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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  • New Gold Announces $310 Million Acquisition of Rainy River Resources

    CanadaMergers & AcquisitionsReal EstateTax

    Paul, Weiss client New Gold announced it has entered into an agreement to acquire Rainy River Resources, an Ontario-based producer of gold and silver. Under the terms of the acquisition agreement, New Gold will make an offer to purchase all the outstanding common shares of Rainy River for, at the election of the holder, 0.5 of a common share of New Gold, or $3.83 in cash, per Rainy River common share, in each case subject to pro ration. The offer represents a premium of 42 percent to Rainy River's current share price and a 67 percent premium to its 20-day volume weighted average share price.

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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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  • Resolute Forest Products Completes
    $600 Million High Yield Notes Offering

    CanadaCapital Markets & Securities

    Paul, Weiss client Resolute Forest Products Inc., a NYSE- and TSX-listed global forest products company, completed a Rule 144A/Regulation S offering of $600 million of its 5 7/8% senior notes due 2023.

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  • Aurizon Agrees to Acquisition
    by Hecla Mining

    CanadaMergers & AcquisitionsTaxLitigation

    Paul, Weiss client Aurizon Mines Ltd. announced that it had entered into an agreement with Hecla Mining Company pursuant to which Hecla will acquire all of the issued and outstanding common shares of Aurizon for aggregate consideration of approximately Cdn$796 million. Under the terms of the agreement, Aurizon shareholders may elect to receive Cdn$4.75 or 0.9953 of a Hecla share in exchange for each Aurizon common share, subject in each case to pro-ration. Aurizon entered into the agreement with Hecla following receipt of an unsolicited offer from Alamos Gold Inc. and the completion of a process in which the Aurizon board of directors reviewed and evaluated a range of alternatives focussed on maximizing value.

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  • Silver Standard Closes
    $250 Million Notes Offering

    CanadaCapital Markets & SecuritiesEnvironmentalTax

    Paul, Weiss client Silver Standard Resources Inc. (SSRI), a Canadian silver mining company with operations in Argentina, Mexico and Peru, closed a Rule 144A/Regulation S offering of $250 million aggregate principal amount of 2.875% Convertible Senior Notes due 2033. SSRI intends to use the net proceeds of the offering to repurchase or redeem its existing Convertible Notes in March 2013 and for general corporate purposes, which may include developing or advancing its property portfolio. Citigroup and BMO Capital Markets acted as lead bookrunning managers.

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Canada Partners

Paul, Weiss, Rifkind, Wharton & Garrison LLP