On November 7, 2005, Precision Drilling Corp., a Calgary-based oil and gas drilling and service rig contractor, completed its conversion to an income trust structure by way of a plan of arrangement to become Precision Drilling Trust. Shareholders of Precision received, in exchange for each common share of Precision held: (i) one unit of the trust, (ii) .2089 common shares of Weatherford International Ltd. and (iii) $6.83 of cash, for total consideration of over $6.5 billion.
In connection with the conversion, Precision was represented by Borden Ladner Gervais LLP (BLG), as corporate and securities counsel, with a team that included Brian Roberts, Robert Kopstein, Bill Sirett, Dan Kolibar, Gil Malfair, John Poetker, Britta Wagner and Anthony Rasoulis; by Felesky Flynn LLP, as Canadian tax counsel, with a team that included Brent Perry, Q.C., Siobhan Goguen and Kimberley Lynch; and by James Barry of Mayer, Brown, Rowe & Maw LLP for US tax advice. The Independent committee of the Board of Precision was represented by Don Boykiw and Pierre Magnan of Osler, Hoskin & Harcourt LLP.
As part of the conversion process Precision established a new $550 million syndicated loan facility led by the Royal Bank of Canada. Precision was represented by BLG with a team that included Brian Roberts and George Kelly. The lenders were represented by Burnet, Duckworth & Palmer LLP with a team that included Cal Johnson and David Kolesar.
In connection with the conversion, Precision was represented by Borden Ladner Gervais LLP (BLG), as corporate and securities counsel, with a team that included Brian Roberts, Robert Kopstein, Bill Sirett, Dan Kolibar, Gil Malfair, John Poetker, Britta Wagner and Anthony Rasoulis; by Felesky Flynn LLP, as Canadian tax counsel, with a team that included Brent Perry, Q.C., Siobhan Goguen and Kimberley Lynch; and by James Barry of Mayer, Brown, Rowe & Maw LLP for US tax advice. The Independent committee of the Board of Precision was represented by Don Boykiw and Pierre Magnan of Osler, Hoskin & Harcourt LLP.
As part of the conversion process Precision established a new $550 million syndicated loan facility led by the Royal Bank of Canada. Precision was represented by BLG with a team that included Brian Roberts and George Kelly. The lenders were represented by Burnet, Duckworth & Palmer LLP with a team that included Cal Johnson and David Kolesar.
