Canetic Resources Trust Announces Closing of $690 Million Subscription Receipt and Convertible Debenture Bought Deal Financing
2006年8月24日 - 11:01PM
PRニュース・ワイアー (英語)
CALGARY, Aug. 24 /PRNewswire-FirstCall/ -- (CNE.UN - TSX; CNE -
NYSE) Canetic Resources Trust ("Canetic" or the "Trust") is pleased
to announce the closing of its previously announced "bought deal"
financing. Upon closing, the Trust issued 20,769,000 subscription
receipts (the "Subscription Receipts") at $22.15 per Subscription
Receipt and $230 million principal amount of convertible extendible
unsecured subordinated debentures (the "Debentures") for gross
proceeds of $690,033,350. This includes the full exercise by the
underwriters of their over-allotment option to purchase up to an
additional 2,709,000 Subscription Receipts and an additional $30
million principal amount of Debentures. The net proceeds of the
financing will be used to partially fund Canetic's acquisition of
certain private company assets located in central Alberta and
northeastern British Columbia, announced on August 2, 2006 (the
"Acquisition"). The Subscription Receipts and Debentures are listed
for trading on the TSX under the symbols "CNE.R" and "CNE.DB.E",
respectively. The offering was underwritten by a syndicate co-led
by BMO Capital Markets, TD Securities Inc. and CIBC World Markets
Inc. and included National Bank Financial Inc., RBC Capital
Markets, Scotia Capital Inc., Canaccord Capital Corporation,
FirstEnergy Capital Corp., Raymond James Ltd., Tristone Capital
Inc. and HSBC Securities (Canada) Inc. Each Subscription Receipt
represents the right to receive one trust unit of Canetic on the
closing of the Acquisition. The proceeds from the offering of
Subscription Receipts have been deposited in escrow pending closing
of the Acquisition. If the Acquisition closes on or before
September 30, 2006, the net proceeds will be released to Canetic
and used to pay part of the purchase price of the Acquisition. If
the Acquisition closes by September 30, 2006, holders of the
Subscription Receipts will receive a payment equivalent to the
amount of any cash distributions declared to unitholders for which
record dates occur between the closing of the offering and the
closing of the Acquisition. If the Acquisition fails to close by
September 30, 2006, or the Acquisition is terminated at any earlier
time, Canetic will return to holders of Subscription Receipts the
issue price and their pro rata entitlement to interest thereon. The
Acquisition is expected to close on or about August 31, 2006. The
Debentures have a face value of $1,000 per Debenture, a coupon of
6.50%, a final maturity date, if extended, of December 31, 2011 and
are convertible into trust units of Canetic at a price of $26.55
per trust unit. The initial maturity date of the Debentures will be
September 30, 2006, with an automatic extension to December 31,
2011 upon the closing of the Acquisition. If the Acquisition does
not close on or before September 30, 2006, or if the Acquisition is
terminated at any earlier time, the Debentures will mature on the
initial maturity date. The Debentures will pay interest
semi-annually on June 30 and December 31, with the initial interest
payment on December 31, 2006, representing accrued interest from
closing of the offering to December 31, 2006. Canetic is one of
Canada's largest oil and gas royalty trusts. Canetic trust units
and debentures are listed on the Toronto Stock Exchange under the
symbols CNE.UN, CNE.DB.A, CNE.DB.B, CNE.DB.C, CNE.DB.D, and
CNE.DB.E and the trust units are listed on the New York Stock
Exchange under the symbol CNE. ADVISORY: Certain information in
this press release constitutes forward-looking statements under
applicable securities law. Any statements that are contained in
this press release that are not statements of historical fact may
be deemed to be forward-looking statements. Forward-looking
statements are often identified by terms such as "may", "should",
"anticipate", "expects" and similar expressions. Forward-looking
statements in this press release include, but are not limited to,
statements with respect to the closing of the offering and the use
of proceeds of the offering. Forward-looking statements necessarily
involve known and unknown risks, including, without limitation,
risks associated with oil and gas production, marketing and
transportation; loss of markets; volatility of commodity prices;
currency and interest rate fluctuations; imprecision of reserve
estimates; environmental risks; competition; incorrect assessment
of the value of acquisitions; failure to realize the anticipated
benefits of acquisitions; inability to access sufficient capital
from internal and external sources; changes in legislation,
including but not limited to income tax, environmental laws and
regulatory matters. Readers are cautioned that the foregoing list
of factors is not exhaustive. Readers are cautioned not to place
undue reliance on forward-looking statements as there can be no
assurance that the plans, intentions or expectations upon which
they are placed will occur. Such information, although considered
reasonable by management at the time of preparation, may prove to
be incorrect and actual results may differ materially from those
anticipated. Forward-looking statements contained in this press
release are expressly qualified by this cautionary statement.
Additional information on these and other factors that could affect
Canetic's operations or financial results are included in Canetic's
reports on file with Canadian and U.S. securities regulatory
authorities and may be accessed through the SEDAR website
(http://www.sedar.com/), the SEC's website (http://www.sec.gov/),
Canetic's website (http://www.canetictrust.com/) or by contacting
Canetic. Furthermore, the forward-looking statements contained in
this news release are made as of the date of this news release, and
Canetic does not undertake any obligation to update publicly or to
revise any of the included forward-looking statements, whether as a
result of new information, future events or otherwise, except as
expressly required by securities law. DATASOURCE: Canetic Resources
Trust CONTACT: Investor Relations, (403) 539-6300, Toll Free -
1-877-539-6300, , http://www.canetictrust.com/
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