TransCanada issues $1.41 billion common shares

TransCanada Corp. says it will issue common shares worth 1.6 billion Canadian dollars ($1.41 billion) to help fund its acquisition of an oil pipeline.

The Calgary, Alberta-based company will issue 50.8 million shares at 31.50 Canadian dollars ($27.76) each.

The company says part of the proceeds will go toward an investment in the Keystone pipeline, which will transport crude oil from Alberta to markets in the U.S. Midwest. The pipeline is expected to be the largest in North America when it is completed, with the capacity to transport 1.1 million barrels of oil per day.

TransCanada will become the pipeline's sole owner through an acquisition of ConocoPhillips' remaining interest. The deal is worth about $550 million, plus about $200 million in assumed debt.