For further information regarding the Transaction and the Subscription Receipts, including related risk factors, refer to the Company's prospectus supplement dated Jto the base shelf prospectus dated August 16, 2021, a copy of which is available on the Company's profile at The Equity Offering was made through a syndicate of underwriters co-led by BMO Capital Markets and RBC Capital Markets. Closing of the Transaction is expected to occur in the third quarter of 2023, subject to satisfaction of customary closing conditions. The net proceeds from the Equity Offering will be held in escrow and are intended to be used by Gibson to fund a portion of the purchase price of Gibson's previously announced acquisition of 100% of the membership interests of South Texas Gateway Terminal LLC (the "Transaction"). The Subscription Receipts are listed on the Toronto Stock Exchange under the symbol "GEI.R" and it is expected that trading of the Subscription Receipts will commence today. In the event that the Transaction does not close, holders of Subscription Receipts will not be entitled to receive any Dividend Equivalent Payment.
The Dividend Equivalent Payment will be made on the later of the closing date of the Transaction and the date the dividend is paid to holders of Common Shares. "Pro forma the transaction, Gibson maintains its industry leading balance sheet and is well positioned to create long-term growth and value for all our stakeholders."Įach Subscription Receipt will entitle the holder to receive, without payment of additional consideration and without further action, one common share of Gibson (a "Common Share") upon the closing of the Transaction (as defined below), together with a dividend equivalent payment in an amount per Subscription Receipt, as applicable, equal to the amount per Common Share of any cash dividends declared by the board of directors of Gibson on the Common Shares to holders of record on a date during the period from, and including, the date hereof to, but excluding, the closing date of the Transaction (the "Dividend Equivalent Payment"), net of any applicable withholding taxes. "The successful closing of the Equity Offering, including the exercise of the over-allotment option, reflects strong investor support for the on-strategy acquisition of the South Texas Gateway Terminal," said Sean Brown, Senior Vice President and Chief Financial Officer.
The Subscription Receipts were issued at an offering price of $20.15 per Subscription Receipt for total gross proceeds of approximately $403 million.
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Pursuant to the Equity Offering, Gibson issued a total of 20,010,000 Subscription Receipts, including 2,610,000 Subscription Receipts issued pursuant to the exercise in full by the underwriters of their over-allotment option. ("Gibson" or the "Company") (TSX: GEI) is pleased to announce the closing of its previously announced bought deal offering (the "Equity Offering") of subscription receipts ("Subscription Receipts"). NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./ĬALGARY, AB, J/CNW/ - Gibson Energy Inc.
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