Industry Report Card: What?s A Former Income Trust To Do? Canadian Oil And Gas Companies Look At Funding In Canada?s Emerging Speculative-Grade Debt Market Apr 11

  • ID: 1824213
  • April 2011
  • Region: Canada
  • Standard & Poors
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  • Baytex Energy Corp.
  • Encana Corp.
  • Imperial Oil Ltd.
  • OPTI Canada Inc.
  • Precision Drilling Corp.
  • Tervita Corp.
  • MORE

Speculative-grade Canadian oil and gas companies completed a significant number of debt refinancings in 2010 and the first quarter of 2011. And while this isn't unusual for the group, something has changed. In the past, this debt had been placed in U.S. markets because Canada had no meaningful speculative-grade market. But now that the Canadian federal government has repealed the tax-advantaged income trust structure, which in turn triggered a large number of income trusts to convert back to corporate entities, there's a renewed interest in public debt as a source of financing. These former income trusts no longer have the same access to incremental equity financing from their investor base, so Canada's fixed income market is expanding to bridge the...

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- Imperial Oil Ltd.
- Encana Corp.
- Talisman Energy Inc.
- Nexen Energy ULC
- Husky Energy Inc.
- Suncor Energy Inc.
- Canadian Natural Resources Ltd.
- Paramount Resources Ltd.
- Canadian Oil Sands Ltd.
- MEG Energy Corp.
- OPTI Canada Inc.
- Connacher Oil and Gas Ltd.
- Tervita Corp.
- Cenovus Energy Inc.
- Trinidad Drilling Ltd.
- Perpetual Energy Inc.
- Baytex Energy Corp.
- Precision Drilling Corp.
- North American Energy Partners Inc.
- Harvest Operations Corp.
- Niska Gas Storage Partners LLC
- Calfrac Well Services Ltd.
- Trident Resources Corp.
- Vermilion Energy Inc.

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