Rockpoint Gas Storage completes C$459 million bought deal secondary offering and full exercise of over-allotment option
On February 23, 2026, Rockpoint Gas Storage Inc. ("Rockpoint") closed its previously announced secondary offering of class "A" common shares (“Class A shares”) by BIF II CalGas Carry (Delaware) LLC, BIP BIF II U.S. Holdings (Delaware) LLC, Swan Equity Carry LP and BIP BIF II Swan AIV LP (collectively, the "selling shareholders"), which are affiliates of Brookfield Asset Management Private Institutional Capital Adviser (Canada), L.P. ("Brookfield").
The selling shareholders sold an aggregate of 16,400,000 Class A shares, inclusive of the Class A shares sold pursuant to the exercise in full of the over-allotment option granted to the underwriters. The Class A shares were sold at a price of C$28.00 per share, for total gross proceeds to the selling shareholders of approximately C$459 million. Rockpoint did not receive any proceeds from the offering.
The offering was completed on a bought deal basis, pursuant to an underwriting agreement dated effective February 17, 2026 among Rockpoint, the selling shareholders and a syndicate of underwriters led by RBC Capital Markets and J.P. Morgan, as joint lead bookrunners, along with BMO Capital Markets, CIBC Capital Markets, National Bank Financial Inc., Scotiabank, TD Securities Inc., Wells Fargo Securities, ATB Cormark Capital Markets, Desjardins Capital Markets and Peters & Co. Limited.
The Class A shares were offered by way of a prospectus supplement dated February 18, 2026 to the final short form base shelf prospectus of Rockpoint dated December 31, 2025 in all of the provinces and territories of Canada and were also offered by way of private placement in the United States and internationally as permitted in accordance with applicable securities laws.
The sale of Class A shares pursuant to the offering expands Rockpoint's market float and enhances trading liquidity for all Rockpoint shareholders, while allowing Brookfield to retain majority ownership of Rockpoint (on a diluted basis), reflecting Brookfield's strong positive conviction in Rockpoint's outlook.
Following the offering, an affiliate of Brookfield holds 60% of the votes attached to the 133,000,000 total outstanding shares of Rockpoint.
Further information can be found on Canada Newswire’s website.
Rockpoint Gas Storage is the largest independent pure play operator of natural gas storage facilities in North America. It owns and operates six strategically located natural gas storage facilities with a combined effective working gas storage capacity of approximately 280 Bcf that is critical for ensuring the reliable and stable supply of natural gas in its service areas.