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Goodmans Deals & Cases

This section contains brief summaries of selected significant cases and transactions.  You'll also find representative lists  - by year - of major transactions and cases where Goodmans' involvement is a matter of public record or where inclusion in the list has been authorized by our clients.

Western Forest Products Closes $91 Million Secondary Offering by Brookfield Special Situations

2014

Areas Corporate Finance and Securities, Mining and Natural Resources, Private Equity, Tax

Summary

Goodmans represented the underwriters in connection with completion by Brookfield Special Situations Management Limited ("Brookfield"), a wholly-owned subsidiary of Brookfield Asset Management (TSX:BAM.A)(NYSE:BAM), of a bought deal secondary offering of 39,050,597 non-voting shares and 6,949,403 common shares (the “Offered Shares”) of Western Forest Products Inc. (TSX:WEF) ("Western") at an offering price of $1.98 per Offered Share for aggregate gross proceeds to Brookfield of $91,080,000. 

The underwriters included Scotiabank, CIBC World Markets Inc., RBC Dominion Securities Inc., TD Securities Inc., Raymond James Ltd., BMO Nesbitt Burns Inc., HSBC Securities (Canada) Inc., National Bank Financial Inc., MGI Securities Inc. and Salman Partners Inc.

Closing of the offering included the full exercise of the over-allotment option granted to the underwriters. On closing of the offering, all non-voting shares forming part of the Offered Shares were converted, on a one-for-one basis, into common shares of Western, representing approximately 10% of the issued and outstanding Common Shares on a non-diluted basis after giving effect to the offering.

Following completion of the offering, Brookfield holds no non-voting shares and 163,012,474 common shares, representing approximately 42% of the issued and outstanding common shares of Western on a non-diluted basis.

Western is an integrated Canadian forest products company and the largest coastal British Columbia woodland operator and lumber producer. Principal activities conducted by Western include timber harvesting, reforestation, sawmilling logs into lumber and by-products and value-added remanufacturing.