OPTI Canada: Cnooc units' second-lien notes, share acquisition closes

By Caroline Salls

Pittsburgh, Nov. 28 - OPTI Canada Inc. has closed the $2.1 billion acquisition of its second-lien notes and all outstanding shares by indirect wholly owned subsidiaries of Cnooc Ltd., according to a news release.

As previously reported, the acquisition was completed via a plan of reorganization through OPTI's Companies' Creditors Arrangement Act and Canada Business Corporations Act proceedings.

OPTI said the $2.1 billion total transaction value includes $1.179 billion of net consideration payable to the second-lien noteholders, $37.5 million payable to backstop parties, $34 million payable to former shareholders and the assumption of $825 million of first-lien notes.

In addition, OPTI said it expected an application to delist its outstanding shares to be filed with the TSX Venture Exchange on Nov. 28. The delisting is expected to take effect on Dec. 1, subject to exchange approval.

Scotia Waterous Inc. and TD Securities Inc. acted as financial advisers to OPTI on the acquisition, and Macleod Dixon LLP acted as legal adviser to OPTI.

OPTI Canada is a Calgary, Alta.-based company focused on developing oil-sands projects.

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