ROCKPOINT GAS STORAGE INC. UPSIZES ITS INITIAL PUBLIC OFFERING

Executive Summary

• Rockpoint Gas Storage Inc. has announced an upsize to its Initial Public Offering (IPO) of Class A common shares, increasing the total shares to be issued from treasury to 32,000,000.
• The offering price has been set between C$19.00 and C$22.00 per share, resulting in expected gross proceeds for the company between C$608 million and C$704 million.
• The proceeds, combined with the issuance of 21,200,000 Class A shares to Brookfield affiliates, will be used to acquire a 40% interest in Rockpoint Gas Storage's natural gas storage business.

Key Details

• Offering Structure: Upsized to 32,000,000 Class A Shares issued from treasury.
• Pricing: C$19.00 to C$22.00 per Class A Share.
• Gross Proceeds: Expected between C$608 million and C$704 million.
• Over-Allotment Option: Underwriters (RBC Capital Markets and J.P. Morgan) have an option to acquire up to an additional 4,800,000 Class A Shares, exercisable within 30 days of closing. No proceeds from the exercise of this option will be paid to the Company.
• Use of Proceeds: Funds will be used, together with the issuance of 21,200,000 Class A Shares to affiliates of Brookfield Asset Management Private Institutional Capital Adviser (Canada), L.P. ("Brookfield"), to acquire a 40% interest in Rockpoint Gas Storage's natural gas storage business.
• Post-Offering Ownership:
  • Brookfield affiliates will own approximately 39.8% of the 53,200,000 outstanding Class A Shares (30.8% if the Over-Allotment Option is exercised in full).
  • Brookfield affiliates hold all 79,800,000 outstanding class "B" voting shares.
  • Combined, this represents approximately 75.9% of the votes attached to the 133,000,000 total outstanding shares (72.3% if the Over-Allotment Option is exercised in full).
• Underwriters: RBC Capital Markets and J.P. Morgan acting as joint lead bookrunning managers.
• Listing: Conditionally approved by the Toronto Stock Exchange (TSX) under the trading symbol "RGSI".
• Regulatory Filings: Amended and Restated Preliminary Prospectus filed with securities regulatory authorities in Canada; marketing materials relying on Coordinated Blanket Order 41-930 Exemptions.

Notable Quotes

• No direct quotes from the CEO/President were included in the provided text.