Business
Gibson Energy Inc. Announces Closing of Subscription Receipt Offering
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About this update from Gibson Energy Inc.
[{"type":"text","content":"\n\n\n\n\n\n/Not for distribution to U.S. newswire services or for dissemination in\n the United States/ \n\n\n\n\n\nUnless otherwise indicated all financial figures are in Canadian dollars\n\n\nCALGARY, Oct. 29, 2012 /CNW/ - Gibson Energy Inc. (\"Gibson\"), (TSX:\n GEI), is pleased to announce that it has closed its previously\n announced \"bought deal\" offering of 18,216,000 subscription receipts\n (including the exercise in full of the over-allotment option granted to\n the underwriters to purchase an additional 2,376,000 subscription\n receipts) at a price of $22.10 per subscription receipt for gross\n proceeds of approximately $403 million (the \"Offering\").  The net\n proceeds of the Offering will be used to finance a portion of the\n purchase price for of all the issued and outstanding common stock of\n the parent holding company of OMNI Energy Services Corp. (\"OMNI\").  The\n subscription receipts will commence trading on the Toronto Stock\n Exchange today under the symbol GEI.R.\n\n\nOn October 11, 2012, Gibson announced that it had entered into a\n definitive agreement (the \"Agreement\") to acquire OMNI for US$445\n million (the \"Acquisition\").  The purchase price assumes that OMNI will\n have, at closing, working capital of US$43.5 million, no debt and no\n cash.  OMNI is a privately held provider of environmental and\n production services to the oil and gas industry and is based in\n Carencro, Louisiana.  OMNI has a strong competitive position in most\n major oil and liquids focused areas in the United States (including,\n but not limited to, the U.S. Bakken, Granite Wash, Eagle Ford,\n Tuscaloosa Marine, Mississippi Lime and the Gulf of Mexico) with a\n significant focus on environmental and production-related activities.\n\n\nEach subscription receipt entitles the holder thereof to receive,\n without payment of additional consideration or further action, upon\n closing of the Acquisition and upon satisfaction of certain escrow\n release conditions, one common share of Gibson plus an amount equal to\n the cash dividends Gibson declares on the common shares, if any, for\n record dates which occur during the period from and including today, up\n to but not including the date the Acquisition closes, net of any\n applicable withholding taxes.\n\n\nThe net proceeds from the sale of the subs...