OPTI Canada Inc. (OPC.V) on Monday announced the closing of its acquisition by CNOOC Luxembourg S.a r.l, an indirect wholly-owned subsidiary of China's CNOOC Ltd.
The deal was originally announced in July.
Pursuant to the acquisition, indirect wholly-owned subsidiaries of CNOOC have acquired OPTI's Second Lien Notes and all of the outstanding shares of OPTI. The acquisition was effected by way of a plan of arrangement through OPTI's concurrent proceedings under the Companies' Creditors Arrangement Act and the Canada Business Corporations Act.
The total value of the acquisition is about US$2.1 billion, which includes net consideration of US$1,179 million payable to holders of OPTI's Second Lien Notes, US$37.5 million payable to backstop parties, US$34 million payable to former shareholders and the assumption of US$825 million First Lien Notes.
OPTI expects that an application to delist the outstanding shares of OPTI will be filed with the TSX Venture Exchange on November 28, and the delisting of the OPTI shares is expected to be effective on December 1.
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