TransCanada completes public offering
By
Associated Press
June 24, 2009
|
TransCanada Corp. said Wednesday that it has completed its public offering of 50.8 million common shares.
The shares were sold for $31.50 Canadian ($27.48) each and resulted in gross proceeds of about $1.6 billion Canadian ($1.4 billion).
Part of the net 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.
The Calgary, Alberta-based company also has granted the offering's underwriters an option to buy up to an additional 7.6 million common shares for the same per-share price at any time up to 30 days after the closing of the offering.
The underwriters include RBC Capital Markets, BMO Capital Markets and TD Securities Inc.
TransCanada shares rose 25 cents to $26.71 in morning trading.
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