Business
Gibson Energy Inc. Announces US$445 Million Acquisition of US Based Environmental and Production Services Provider, 4% Dividend Increase and $350 Million Bought Deal Subscription Receipt Offering
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STA...
About this update from Gibson Energy Inc.
[{"type":"text","content":"\n\n\n\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n THE UNITED STATES/\n\n\nUnless otherwise indicated all financial figures are in Canadian dollars\n\n\nCALGARY, Oct. 11, 2012 /CNW/ - Gibson Energy Inc. (\"Gibson\"), (TSX:GEI),\n is pleased to announce that it has entered into a definitive agreement\n (the \"Agreement\") for the acquisition of all of the issued and\n outstanding common stock of the parent holding company of OMNI Energy\n Services Corp. (\"OMNI\") for US$445 million (the \"Acquisition\"). The\n purchase price assumes that OMNI will have working capital of US$43.5\n million, no debt and no cash at closing.  OMNI is a privately held\n provider of environmental and production services to the oil and gas\n industry and is based in Carencro, Louisiana.  OMNI has a strong\n competitive position in most major oil and liquids focused areas in the\n United States (including, but not limited to, the U.S. Bakken, Granite\n Wash, Eagle Ford, Tuscaloosa Marine, Mississippi Lime and the Gulf of\n Mexico) with a significant focus on environmental and\n production-related activities. OMNI adds 1,091 employees to the Gibson\n team, including strong management and operations groups.\n\n\nGibson is also pleased to announce that it intends to increase its\n quarterly dividend rate to $0.26 per common share upon the close of the\n Acquisition, representing a 4% increase from the prior quarterly rate\n and resulting in a new annualized dividend of $1.04.\n\n\nIn connection with the Acquisition, Gibson has agreed to sell, on a\n bought deal basis, an aggregate of 15,840,000 subscription receipts at\n a price of $22.10 per subscription receipt for gross proceeds of\n approximately $350 million (approximately $403 million if the 15\n percent over-allotment option is exercised in full). The subscription\n receipts will be offered through a syndicate of investment dealers\n co-led by BMO Capital Markets and RBC Capital Markets, with BMO Capital\n Markets acting as sole bookrunner.\n\n\n\"Gibson's business strategy is to leverage and expand our integrated\n asset base and partner with high quality customers to capture synergies\n while providing shareholders with strong growth along with a stable and\n growing dividend.  This acquisition, along with the recently announced\n Hardisty Te...