Orrick acted as U.S. counsel to BMO Nesbitt Burns Inc. and the other underwriters in connection with the public offering of and sale of C$300 million of common shares by Pengrowth Energy Corporation.
The offering was publicly registered and sold in Canada and the United States under the Multijurisdictional Disclosure System. The offering was structured as a “bought deal,” where the underwriters purchase the stock from the company at a set price (typically at a discount to market) before marketing and take all the market risk of reselling the stock. In addition, the initial schedule called for Orrick to be in a position to price the deal in a few days, which required the team to work around the clock to complete diligence and draft documents. As a result of these efforts, the company has agreed to name Orrick as designated underwriters counsel for all future offerings by Pengrowth Energy.
The Orrick team working on the transaction included New York corporate partner Bruce Czachor, New York corporate managing associate Paolo Cioppa, New York corporate associates Danielle Quinn and David Ruff, San Francisco corporate partner Brett Cooper, San Francisco tax partner Grady Bolding and San Francisco restructuring associate Dao Huynh.