Calgary-based Pengrowth Energy Trust completed, on November 6, 2002, the first cross-border equity offering by a Canadian energy trust, issuing 17.5 million trust units for gross proceeds of $245 million. On November 14, the over-allotment options granted in connection with the offering were exercised, raising the total size of the offering to 20.125 million units for gross proceeds of approximately $281.75 million with 11.5 million units sold in Canada and 8.625 units sold in the U.S.
RBC Capital Markets Inc. was global co-ordinator of the offering, and lead manager and book runner of the offering in Canada. Lehman Brothers and RBC Capital Markets were the joint lead managers and book runners of the offering in the U.S.
In Canada, Pengrowth was represented by Bennett Jones LLP, with a team led by Brad Markel and including Don Boykiw, Chip Johnston, Paul Bolger, Kerry Krochak, Neal Ross, John Piasta and Michael Klym (securities) and Alan Ross and Greg Johnson (tax). In the U.S., Pengrowth was represented by Carter, Ledyard & Milburn LLP in New York, with a team that included John Whelan and Jasen Kisber (securities) and Howard Barnet, Jr., and Richard Horne (tax). Bennett Jones and Carter, Ledyard & Milburn worked under the guidance of Charles Selby, corporate secretary, Pengrowth.
The underwriters were represented in Canada by Fraser Milner Casgrain LLP, with a team that included David Spencer, Bill Gilliland, John Reynolds, Lisa Nesbitt and Kelly Holtby (securities) and Scott Bodie (tax). In the U.S., the underwriters were represented by Vinson & Elkins LLP in Houston, with a team that included Thomas Mason, Jeff Cameron and Raegan Muse (securities) and Barry Miller (tax).