Pinnacle Renewable Holdings closes C$172.5M initial public offering

Date Closed

February 06, 2018

Lead Office

Toronto

Value

172.50 Million CAD

On February 6, 2018, Pinnacle Renewable Holdings Inc. (“Pinnacle”) closed its initial public offering of common shares (the "Offering"), which included a treasury offering and a secondary offering by certain shareholders of Pinnacle of an aggregate of 13,335,000 common shares at a price of $11.25 per share for total gross proceeds of approximately $150 million.

On February 27, 2018, the underwriters exercised their over-allotment option in full to purchase additional common shares from certain shareholders of Pinnacle for total gross proceeds of approximately $22.5 million.

Located in British Columbia, Pinnacle is one of the world's leading manufacturers and distributors of industrial wood pellets and the third largest producer in the world. Pinnacle's common shares began trading at the Toronto Stock Exchange under the symbol "PL".

The Offering was co-led by CIBC Capital Markets and RBC Capital Markets, together with Scotiabank and BMO Capital Markets, as joint bookrunners, and National Bank Financial Inc., GMP Securities L.P., Raymond James Ltd. and HSBC Securities (Canada) Inc., as underwriters.

McCarthy Tétrault LLP advised the syndicate of underwriters with a team led by Wendi Locke that included Robin Mahood, Claire Sung, Erin O’Callaghan, Ainslie Hurd and Maureen Gillis (Corporate & Securities), TJ Kang (Tax), Donovan Plomp and Ryley Mennie (Labour & Employment), Patrick Beechinor (Real Property), Selina Lee-Andersen and Kimberly Howard (Environmental) and Vincent Yip (Intellectual Property & Information Technology).

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