CALGARY – Enbridge Inc. says it raised $2.3 billion in its latest stock offering since it’s 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, however the underwriters – including Canada’s five biggest banks – bought an additional 7.4 million shares.
The underwriters paid $40.70 per share for that stock. The audience includes RBC Capital Markets and its counterparts at BMO, CIBC, Scotiabank and TD. It also includes Credit Suisse, one of Switzerland’s biggest banks.
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Enbridge says it’ll use proceeds from the sale to reduce its debt.
The company also expects the cash is going to be sufficient to aid its growth program through the end of 2017.
Enbridge has a quantity of projects within the planning stages, including the Northern Gateway pipeline across Bc. It completed 14 projects worth $8 billion in 2015.
