CHC Helicopter Completes Bought Deal Financing

St. John’s-based CHC Helicopter Corporation completed a bought deal financing on April 25, 2002 that saw CHC issuing 4.2 million class A subordinate voting shares for gross proceeds of $119.28 million. CHC is one of the largest providers of helicopter transportation services to the global oil and gas industry. The bought deal was led by Scotia Capital Inc.
The prospectus used to qualify the treasury issue was also used to qualify the secondary offering by a subsidiary of CIBC World Markets Inc. of outstanding class A subordinate voting shares to create a hedged position with respect to certain monetization transactions entered into between CIBC and certain officers of CHC or corporations controlled by them. The number of shares being monetized by each officer represented less than 15 per cent of all the securities held by such officer.
Ogilvy Renault advised CHC on the bought deal, with a team that included Terry Dobbin, Paul Fitzgerald, Pierre Dagenais and Troy Ungerman. Brice Voran and Ruchi Kaushal in Toronto and Chris Paci in New York of Shearman & Sterling provided U.S. securities law advice to CHC. Davies Ward Phillips & Vineberg LLP represented the underwriters, with a team that included Bill Ainley, Patrick Barry, Lori Sullivan and Darren Wasylucha. Clint Calder, senior counsel, CIBC World Markets, acted for the subsidiary in connection with the secondary offering.
The officers of CHC involved in the monetization transactions were represented by Ogilvy Renault, with a team that included Sam Billard, Mark Convery and Jennifer Smith-Abraham; and by Joseph Hutchings, Q.C., of Poole, Althouse in Corner Brook, Newfoundland. CIBC also relied upon Clint Calder in connection with the monetization transactions.


Terence S. Dobbin Ross Hamilton Paul Fitzgerald Troy Ungerman Samuel C. Billard Patrick G. Barry Mark A. Convery Lori K. Sullivan Pierre R. Dagenais William M. Ainley