Gaz Métro closes C$50 million equity offering by way of private placement

Date Closed

September 30, 2013

Lead Office



50.00 Million CAD

On September 30, 2013, Gaz Métro inc. (GMi), as General Partner of Gaz Métro Limited Partnership (Gaz Métro), announced that Gaz Métro completed an equity offering by issuing by way of a private placement 3,125,000 new units from its treasury at a price of C$16.00 per unit to GMi and Valener Inc., pro rata based on their respective share of units outstanding, for aggregate gross proceeds of C$50 million. The proceeds of the offering will be used for the re-establishment of its capital structure and for its general corporate purposes.

GMi financed its subscription of new units by way of issuance of common shares to Noverco Inc. for gross proceeds of approximately $35.5 million.

GMi, headquartered in Montreal, Québec, is the largest natural gas distribution company in Québec.

McCarthy Tétrault LLP represented Noverco and Gaz Métro  with a team led by Patrick Boucher.