CALGARY – Enbridge Inc. says it raised $2.3 billion within the latest stock offering since its syndicate of underwriters fully exercised their option to buy additional shares within the pipeline operator.
The Calgary-based company had initially planned to boost $2 billion, but the underwriters – including Canada’s five biggest banks – made the purchase more 7.4 million shares.
The underwriters paid $40.70 per share for the stock. Everyone else includes RBC Capital Markets which is counterparts at BMO, CIBC, Scotiabank and TD. Additionally, it offers Credit Suisse, among Switzerland’s biggest banks.
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Enbridge says it’ll use originates from the sale to reduce its debt.
The company also expects the money will likely be sufficient to aid its growth program while using end of 2017.
Enbridge includes a amount of projects inside the planning stages, like the Northern Gateway pipeline across Bc. It completed 14 projects worth $8 billion in 2015.
