Stratos Global Corporation, an international telecom service, announced on April 7, 2000 that it had completed an offering of 15 million special warrants at a price of $10.25 per warrant for total gross proceeds of approximately $154 million. A portion of the money was immediately used by the company to acquire the assets of Shell Offshore Services Company (SOSCo). SOSCo uses an advanced digital microwave system to provide voice, data and video services, Internet access and network connectivity to over 250 remote drilling rigs and production platforms located in the Gulf of Mexico.
Blake, Cassels & Graydon LLP acted as counsel for Stratos on the offering, with a team comprised of David Toswell and Jennifer Tindale (securities) and Michael Piaskoski (regulatory). Alfred Mamlet of Steptoe & Johnson LLP provided US advice on the SOSCo acquisition with Canadian financing advice from Peter MacGowan, Tim Ross and Paula Sawyers of Blakes. Ward Sellers and John Roberts of Osler, Hoskin & Harcourt LLP advised the underwriters on the offering.