Southern Pacific Resource Completes Debt Offering and Revolving Credit Facility

Southern Pacific Resource Corp. completed its US$260 million offering of 8.75 per cent Senior Secured Second Lien Notes due 2018. The Notes were offered in each of the Provinces of Canada, and in the United States, on a private placement basis through a syndicate of underwriters led by TD Securities Inc. and including RBC Capital Markets Inc., Credit Suisse Securities (Canada), Inc. and BMO Nesbitt Burns Inc. Concurrently, Southern Pacific also closed a $75 million Senior Secured Revolving Credit Facility from a syndicate of Canadian financial institutions.

Southern Pacific Resource Corp. is a publicly traded oil and gas company engaged in the development, exploration and production of in-situ oil sands and heavy oil assets in Western Canada.

Southern Pacific Resource Corp. was jointly represented by Davis LLP and Norton Rose Canada LLP (now Norton Rose Fulbright). The Davis team was led by Trevor Wong-Chor and included Derrick Auch and Cherry Jiang (securities) and Michael Coburn (Canadian tax). The Norton Rose team was led by Rick Borden, Jennifer Kennedy and Marlow Gereluk, with assistance from Danielle Maksimow and Tim Nelson (banking) in Calgary; and Peter Wiazoski (securities) in Montreal. Fulbright & Jaworski assisted with respect to US taxation matters.

The underwriters were represented by Blake, Cassels & Graydon LLP, with a team led by Tim Andison, with assistance from Warren Nishimura (financial services) and Michael Hickey and Colin Ritchie (securities). The underwriters were represented with respect to US matters by Paul, Weiss, Rifkind, Wharton & Garrison LLP with a team that included Adam Givertz, Brad Goldberg, Ian Hazlett and Tim Phillips (corporate) and David Mayo (tax). The lenders were represented by Blakes, with a team led by Michael McIntosh, with assistance from Nick Tropak and Andrew Kolody (financial services). Ryan Laidlaw from McDougall Gauley LLP assisted with respect to Saskatchewan security matters.