Each one in plain English, with the numbers worked through for a shareholder.
30 Jan 2015capital raising announcement● NeutralMajor
The underwriters fully exercised the over-allotment option on ARC's January bought deal, and ARC issued a further 2.329 million shares at $22.55 for about $52 million gross. With the earlier closing, total gross proceeds are about $402 million, which finishes this financing. The release does not restate the use of proceeds for this tranche.
What it means for a shareholder
2.3m new shares at C$22.55 to raise about C$52.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
26 Jan 2015capital raising announcement● NeutralMajor
ARC closed the bought deal announced January 7, issuing about 15.53 million common shares at $22.55 for roughly $350 million gross. Net proceeds are to temporarily reduce bank debt, increase working capital and fund capital programs. Underwriters kept an over-allotment option to January 30 for up to about 2.33 million more shares (about $52 million). This completes the first stage of the offering and adds to the share count.
8 Jan 2015capital raising announcement● NeutralMajor
ARC announced a bought deal to sell 15.5 million common shares at $22.55 each for about $350 million gross (up to $402.7 million with the over-allotment option), led by RBC Capital Markets and expected to close around January 26, 2015. Proceeds are to temporarily reduce bank debt, increase working capital and fund capital programs. It also cut its 2015 capital budget to $750 million from the previously announced $875 million, citing continued deterioration in commodity prices, while keeping 2015 production guidance at 120,000-125,000 boe/d. This follows the 2012 equity raise; new shares dilute existing holders.
ARC closed a US$150 million private placement of senior unsecured notes with Prudential Capital Group, at a 3.72% fixed coupon, 12-year amortization and ten-year average life. The notes rank equally with the bank facility and other senior notes, and the proceeds pay down the credit facility. Prudential also upsized the Master Shelf Agreement from US$225 million to US$350 million and extended its term three years from September 25, 2014, going beyond the April 2015 issuance period noted earlier. The release states enterprise value of about $10.5 billion and 2014 production guidance of 110,000-114,000 boe/d.
22 Aug 2012capital raising announcement● NeutralMajor
The bought deal closed with the over-allotment fully exercised: about 14.6 million common shares at $23.65, for gross proceeds of about $345 million. Proceeds are intended to reduce debt, increase working capital and fund capital programs, a slightly wider use than the August 1 announcement. The private notes also closed on August 10, 2012, with funding expected around August 23: US$300 million at 3.81% (10-year average life), US$60 million at 3.31% (seven-year average life) and $40 million at 4.49% (10-year average life). The notes are unsecured and rank equally with the bank facilities and other senior notes. This completes the financing announced August 1.
2 Aug 2012capital raising announcement● NeutralMajor
ARC agreed to sell 12.685 million common shares at $23.65 each for about $300 million (up to $345 million if the over-allotment option of 1,902,750 shares is used), led by RBC Capital Markets. Net proceeds are for working capital and capital programs. ARC also priced US$360 million and $40 million of fixed-rate private notes to repay credit facility borrowings. ARC cut its 2012 capital program to $600 million from $760 million, citing low natural gas prices and volatile crude oil differentials in the first half. Preliminary 2013 spending is about $800 million, with the first phase of two planned Parkland gas processing plants commissioning late in 2013. At the end of Q2, borrowings were $892 million against $1.6 billion of credit capacity. This is a new share issue, so it dilutes existing holders.
27 May 2010capital raising announcement▲ GoodMajor
ARC had the security on its bank facilities and senior notes released, so they are now unsecured, and closed a US$150 million private placement of senior unsecured notes at 5.36% with five equal repayments starting 2018. Proceeds repay part of its bank debt, to diversify its credit sources. This follows the April 2009 secured notes, which are now unsecured.
5 Jan 2010capital raising announcement● NeutralMajor
ARC closed a bought-deal offering of 13 million trust units at $19.40 for about $252 million gross. A portion repays $180 million of bank debt incurred for the Ante Creek and other Northern Alberta asset purchase completed December 21, 2009; the rest initially repays other bank debt to free up borrowing capacity for the capital program.
ARC closed a private placement of senior secured notes of about US$125 million in three tranches: US$67.5 million at 7.19%, US$35 million at 8.21%, and Cdn$29 million at 6.5%. Proceeds repay part of its bank debt to diversify its credit sources. It also extended its Prudential Capital Group agreement to April 2012, allowing draws up to US$225 million, with US$87 million currently drawn.
6 Feb 2009capital raising announcement● NeutralMajor
ARC closed a bought-deal offering of 15,474,400 trust units (including 2,018,400 from the over-allotment option) at $16.35, for about $253 million gross and about $240 million net. The net proceeds will partly fund the 2009 capital program.
23 Dec 2005capital raising announcement● NeutralMajor
ARC closed the bought-deal offering of 9,000,000 trust units at $26.65 for $240 million gross. Proceeds repay bank debt, including debt used for the acquisition announced December 8, 2005 and closed December 16, 2005. This completes the financing of the acquisition announced earlier in the month.
8 Dec 2005capital raising announcement● NeutralMajor
ARC announced a 2006 budget with a record $340 million capital program (up $70 million from 2005) targeting about 61,000 boe/d. It also announced a major long-life oil acquisition (Redwater and North Pembina Cardium Unit properties, expected to close mid-December 2005) with a bought-deal financing; the excerpt shown does not give the acquisition's price or the financing terms.
18 Nov 2003capital raising announcement● NeutralMajor
ARC Energy Trust closed a bought-deal offering of 11,000,000 trust units at $13.40, plus 3,500,000 more units from the underwriters' option, for gross proceeds of $194.3 million. The money first repays bank debt, then funds part of about $50 million of capital spending for the rest of 2003 and part of the 2004 program. This adds units for existing holders (dilution is an inference). It also confirms a $0.15 per unit distribution payable December 15, 2003.
9 June 2003capital raising announcement● NeutralMajor
ARC Energy Trust's filing covers a secondary offering of 16,891,891 trust units at $11.95 (about $201.9 million) by United ARC L.P., which got the units on May 30, 2003 by converting $200 million of the $320 million special debenture issued for the Star Oil & Gas acquisition. The Trust receives no proceeds from the sale but its debt is reduced by the conversion; a further roughly $120 million of debentures was offered separately. Also included: the exchangeable share ratio rises from 1.37557 to 1.39255 effective June 16, 2003.
