Western Forest Products Inc. (Western) and Brookfield Special Situations Management Limited (Brookfield), a wholly owned subsidiary of Brookfield Asset Management, closed a $230 million bought deal secondary offering. The common shares were offered by way of a short form prospectus filed in all of the provinces of Canada pursuant to National Instrument 44-101 - Short Form Prospectus Distributions and in the United States pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the U.S. Securities Act).
The offering was conducted by CIBC World Markets Inc. and Scotiabank, as co-lead underwriters, and Brookfield Financial Corp., RBC Dominion Securities Inc. and TD Securities Inc. Closing of the offering included the full exercise of the over-allotment option granted to the underwriters.
Concurrent with closing of the offering, Brookfield also sold an additional 21,960,052 common shares of Western to the underwriters for immediate resale for an additional $54,900,130, resulting in aggregate gross proceeds to Brookfield of $284,900,130.
Following completion of the offering and concurrent sale, Brookfield no longer holds any common shares of Western.
Western was represented by Davis LLP with a team that was led by David Reid, and included Ruby Chan, Marc Philibert, Paul Lailey, Rob Seidel, Michelle Chang and Natasha Rana. Western U.S. was represented by Dorsey & Whitney LLP with a team led by Randal Jones, and the independent directors of Western were represented by Sarbjit Basra and Peter Hong at Davies Ward Phillips & Vineberg LLP.
Brookfield was represented by Karrin Powys-Lybbe at Torys LLP.
The underwriters were represented by Goodmans LLP with a team that included Lawrence Chernin, William Gorman, Annabelle Gardère (corporate/securities) and Alan Bowman (tax).