Northern Blizzard Said to Cut Price in C$500 Millio IPODoug Alexander and Divya Balji
Northern Blizzard Resources Inc., a Canadian oil producer developing prospects in Saskatchewan, reduced the price range of its initial public offering to C$19 to C$20 a share, according to two people familiar with the sale.
Northern Blizzard, along with private-equity investors Riverstone Holdings LLC and NGP Energy Capital Management LLC, are seeking to raise about C$500 million ($458 million) by selling 25 million to 26.3 million shares under revised terms, said the people, who asked not to be identified because the information isn’t public. The Calgary-based oil company initially sought to sell 18.9 million to 23.3 million shares for C$21.50 to C$26.50 each, according to a July 14 filing.
An e-mail to Executive Officer John Rooney wasn’t immediately returned.
The sale, set to be Canada’s second-largest IPO in more than two years, is being led by Canadian Imperial Bank of Commerce, Royal Bank of Canada, Bank of Nova Scotia and Toronto-Dominion Bank. The IPO is expected to be priced tomorrow.
The revised terms were earlier reported by the Wall Street Journal.