Each one in plain English, with the numbers worked through for a shareholder.
10 May 2011capital raising announcement● Neutral
Provident closed a second $150 million offering of 5.75% convertible subordinated debentures, convertible into common shares at $12.55 (over-allotment of up to $22.5 million not yet exercised). Proceeds will repay credit facility debt, which can be redrawn to fund the previously announced redemption of the remaining 6.5% debentures due August 31, 2012 (about $95 million outstanding as of May 9, 2011) and for general corporate purposes. This continues the debenture refinancing begun in late 2010.
Provident closed the $150 million 5.75% convertible debenture offering (conversion price $10.60 per unit); the over-allotment option of up to $22.5 million had not been exercised as of the filing. Proceeds first repay bank debt to free up borrowing capacity for 6.5% debenture purchases or repayments. This completes the offering announced October 19, 2010. The filing is signed by Brent C. Heagy as CFO, rather than Mark Walker, consistent with the announced CFO change (inference: Heagy is the successor; the filing does not say so explicitly).
20 Oct 2010capital raising announcement● NeutralMajor
Provident agreed a bought-deal sale of $150 million of 5.75% convertible subordinated debentures due December 31, 2017, convertible at $10.60 per unit, with a $22.5 million over-allotment option. Proceeds will first repay bank debt, which can then be redrawn to buy back tendered 6.5% debentures or repay those maturing; the filing also refers to a reorganization into a dividend-paying corporation targeted for about January 1, 2011, announced October 6, 2010, subject to unitholder, court and regulatory approvals. The conversion plan is a new thread; the debt raise relates to the 6.5% debentures already in the context.
Underwriters exercised their over-allotment option, so Provident issued another 3,823,530 subscription receipts at $12.75 for gross proceeds of about $48.75 million. These add to the 25,490,197 receipts sold May 24 and will help fund the Capitol share purchase; the receipts convert to trust units only if Provident takes up at least 66 2/3% of Capitol by August 31, 2007.
Provident closed the roughly $325 million bought deal announced with the Capitol offer, selling 25,490,197 subscription receipts at $12.75 (net about $308 million). Each receipt becomes one trust unit if Provident takes up at least 66 2/3% of Capitol's shares by August 31, 2007; the rest of the roughly $467 million cash price comes from credit facilities. The Capitol offer expires June 19, 2007 unless extended.
Provident agreed to make a cash offer for all shares of Capitol Energy Resources at $8.16 per share (about $467 million), and to take on about $41 million of Capitol's net debt, for a total of $508 million. Capitol's board supports the offer, and the deal depends on two-thirds of Capitol shareholders tendering plus regulatory approvals. Provident says the main asset is the Dixonville oil pool in Alberta, which it expects to become its largest upstream operating area; the deal is to be funded by about $325 million of subscription receipts and existing credit facilities. This is a second major Canadian acquisition after Rainbow in 2006.
Provident closed the bought deal announced on July 11, raising gross proceeds of about C$226.1 million (about C$214.8 million net) from 16,325,000 subscription receipts at C$13.85. The money will partly fund the roughly C$475.9 million Alberta acquisition, with the rest coming from credit facilities. Closing of the acquisition is now expected by mid-August 2006.
12 July 2006capital raising announcement● NeutralMajor
Provident Energy Trust agreed with underwriters to sell 16,325,000 subscription receipts at C$13.85 each (about C$226.1 million) to help pay for the Alberta gas asset purchase announced the same day. Each receipt converts to one trust unit when the acquisition closes; if it does not close by September 30, 2006, the money is returned to buyers. The underwriters also have an option for up to 2,448,700 more receipts.
