|Date Announced:||February 01, 2016|
|Date Closed:||May 02, 2017|
|Client Name:||Selling Shareholders of STEP Energy Services Ltd.|
On May 2, 2017, STEP Energy Services Ltd. completed an initial public offering of 10 million common shares at $10 per common share for aggregate gross proceeds of $100 million. The common shares of STEP are listed on the Toronto Stock Exchange under the symbol STEP.
The offering was made through a syndicate of underwriters co-led by CIBC World Markets Inc. and Raymond James Ltd. and including BMO Nesbitt Burns Inc., Peters & Co. Limited, RBC Dominion Securities Inc., GMP Securities L.P., National Bank Financial Inc., Scotia Capital Inc. and AltaCorp Capital Inc. (collectively, the “Underwriters”).
The limited partnerships comprising ARC Energy Fund 6 and ARC Energy Fund (collectively, the “Selling Shareholders”) have granted to the Underwriters an over-allotment option, exercisable in whole or in part for a period of 30 days following the closing of the Offering, to purchase up to an aggregate of an additional 1.5 million common shares of STEP from the Selling Shareholders at a price of $10.00 per common share.
STEP was represented in-house by Joshua Kane (General Counsel). STEP was represented externally by Stikeman Elliott LLP as to matters of Canadian law, with a team that included Craig Story, Benjamin Hudy, Janel Young and Rhonda Ferguson (corporate and securities) and Julie D’Avignon (tax), and by Thompson & Knight LLP as to matters of US law, with a team that included Jeremiah Mayfield, Stephen Grant and Alan Baden (corporate and securities).
The Underwriters were represented by Dentons Canada LLP as to matters of Canadian law, with a team that included Tim Haney, Dan Shea, Adam Hassan and Richard Steed (corporate and securities), and by Dentons US LLP as to matters of US law, with a team that included Steve Berson and John Griffee (corporate and securities).
The Selling Shareholders were represented by Bennett Jones LLP with a team that included Bryan Haynes and Kahlan Mills (corporate and securities).