Past year: ▲ 91%(7.95 – 19.38 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Nov 2021capital raising announcement▲ GoodMajor
Closed an oversubscribed $25.9 million offering of subscription receipts at $4.40 each, with the 15% over-allotment exercised in full, to fund the purchase of the remaining 45% of the Peace River Oil Partnership. Because the offering was oversubscribed the whole purchase price is paid in cash and no shares go to the vendor.
3 Dec 2010capital raising announcement● Neutral
On 2 December 2010 Penn West closed the first tranche of the November notes, about US$155 million of the roughly US$230 million total (average term 11 years, rate 4.99%); the second tranche is expected on 4 January 2011. Proceeds went to repay syndicated bank facility advances. The filing also corrects heading typos in the pro forma statements in the circular for the 14 December 2010 special meeting. It cuts the proposed post-conversion option plan cap from 10% to 9% of shares. The pro forma statements, built on the trust-to-corporation conversion (one share per unit), show about $12,979 million of assets and are unaudited. The conversion still needs unitholder and regulatory approval. This partly resolves the November pricing and continues the conversion thread.
22 Nov 2010capital raising announcement● Neutral
On 19 November 2010 Penn West priced about US$230 million of senior unsecured notes (average term about 11 years, average rate about 4.99%), expected to close about 2 December 2010 with funding on 2 December 2010 and 4 January 2011. Proceeds are to repay bank facility advances. The notes rank equally with the bank facilities and other senior notes. The November distribution is confirmed at C$0.09 per unit, payable 15 December 2010 (record date 30 November), down from C$0.15 in March 2010 (inference from comparing stated figures). The 4.99% rate is lower than the 5.5% of the March 2010 placement (inference from comparing stated rates).
22 Mar 2010capital raising announcement● Neutral
The March 2010 notes placement closed as US$250 million plus C$50 million, at an average term of 8.6 years and average rate of 5.5%; proceeds repaid part of the credit facility advances. Senior unsecured notes now total about $1.6 billion, roughly 60% of debt capital. The March distribution is confirmed at C$0.15 per unit, payable 15 April 2010 (record date 31 March). The 2009 annual documents were also filed, with a correction to the US GAAP ceiling test calculation for 2008 that revised US GAAP reconciliations only; no Canadian GAAP statements were amended. This resolves the March 2010 notes thread. The monthly distribution is down from C$0.34 in mid-2008 (inference from comparing stated figures).
2 Mar 2010capital raising announcement● Neutral
On 1 March 2010 Penn West priced a private placement of senior unsecured notes of about US$300 million, with an average term of 8.6 years and an average rate of about 5.5%, expected to close about 16 March 2010. Proceeds are to repay bank facility advances. The notes rank equally with the bank facilities and other senior notes. The 5.5% average rate is below the ~8.9% average on the April 2009 placement (an inference from comparing the stated rates). This continues the pattern of swapping bank debt for long-term notes.
13 Apr 2009capital raising announcement● Neutral
On 9 April 2009 Penn West priced about C$250 million of senior unsecured notes, mainly in the United States, with terms of five to ten years and an average rate of about 8.9%, expected to close about 5 May 2009. Proceeds are to repay part of the syndicated bank facility. The release lists earlier notes as US$955 million, C$30 million and £57 million. The rate is higher than the roughly 6% to 7% of the 2007-2008 placements, which is an inference from comparing the filings' stated rates.
17 July 2008capital raising announcement● Neutral
On 16 July 2008 Penn West priced a further private placement of 6.95% notes due 2018, about C$114 million after cross-currency swaps, mainly in the United Kingdom, expected to close about 28 July 2008, with proceeds to repay part of the syndicated bank advances. The notes are unsecured and rank equally with the bank facilities and the May 2007 and May 2008 notes. The filing also confirms the July distribution of C$0.34 per unit, payable 15 August 2008 to holders of record on 31 July. This continues the pattern of replacing bank debt with long-term notes.
5 June 2008capital raising announcement● Neutral
Penn West confirmed its subsidiary closed the notes placement priced on 30 April: US$480 million plus C$30 million (6.12% 2016, 6.30% 2018, C$ 6.16% 2018, 6.40% 2020). The notes are unsecured, rank equally with the bank facilities and the May 2007 US$475 million notes, and the proceeds repaid part of the bank debt. This resolves the open thread on the April 2008 notes.
1 May 2008capital raising announcement● NeutralMajor
On 30 April 2008 Penn West priced a private placement of notes: US$152.5m at 6.12% due 2016, US$278m at 6.30% due 2018, C$30m at 6.16% due 2018 and US$49.5m at 6.40% due 2020, expected to close about 29 May 2008. The notes are unsecured and rank equally with the bank facilities and the US$475m notes from May 2007; proceeds are to repay part of the syndicated bank facility advances. Treasury hedge contracts were settled for a gain of about US$2.4 million. This continues the 2007 pattern of replacing bank debt with long-term notes.
1 June 2007capital raising announcement● NeutralMajor
On 31 May 2007 Penn West's subsidiary closed the US$475 million private placement of notes announced in April, using the proceeds to repay part of its bank debt. The same filing announced a cash take-over bid for C1 Energy Ltd. at $0.20 per share, about $23 million in total including assumed debt and working capital deficiency, for assets in the Peace River Arch area near Penn West's Peace River Oil Sands project.
19 Apr 2007capital raising announcement● NeutralMajor
Penn West closed an oil and gas property acquisition on 11 April 2007 (first announced 9 February 2007), funded from its existing syndicated bank facility and a new $250 million unsecured demand facility expiring 31 December 2008. It also priced US$475 million of unsecured private placement notes (US$160m at 5.68% due 2015, US$155m at 5.80% due 2017, US$140m at 5.90% due 2019, US$20m at 6.05% due 2022), with proceeds meant to repay some bank debt. The release does not give the acquisition price.
