On January 20, 2020, Steel Reef Infrastructure Corp. completed its previously announced $500 million acquisition of natural gas gathering, processing and sales infrastructure assets in Saskatchewan from Crescent Point Energy Corp., an Alberta based oil and gas company. The acquisition adds nine natural gas processing facilities, the associated gathering systems and sales gas pipelines to Steel Reef’s portfolio.
In connection with the acquisition, Steel Reef also amended and restated its existing credit agreement, providing for credit facilities in the aggregate amount of up to $450M which closed concurrently with the acquisition transaction and which was used in part to finance a portion of the acquisition.
Steel Reef Infrastructure Corp. is a privately held midstream company that specializes in owning and operating oil and gas processing and transportation facilities. Steel Reef is focused on strategically partnering with exploration, development and production companies to devise a portfolio of midstream assets through acquisition or construction.
Osler, Hoskin & Harcourt LLP advised Steel Reef Infrastructure on the acquisition of the assets and the financing of same, including an equity private placement and a syndicated loan facility, with a team consisting of Robert Lehodey QC, Kelsey Armstrong, Aqeel Virk (Corporate), Paula Olexiuk (Energy), Lorne Carson, Dana Saric, Miju Damodar (Banking), Peter Glossop (Competition / Antitrust & Foreign Investment), and Colena Der (Tax).