IEnova announces over-allotment options
Published by Anna Nicklin,
Assistant Editor
World Pipelines,
Sempra Energy has recently announced that Infraestructura Energética Nova S.A.B. de C.V.’s (Sempra’s Mexican subsidiary) Mexican underwriters and the initial purchasers of the previously announced global offering of shares of common stock have exercised their over-allotment options to acquire 35 067 736 additional shares at a price of 80 pesos/share. This is an equivalent of approximately US$4.22 per share, based on an exchange rate of 18.96 pesos to US$1.
Including the additional option shares, the collective number of shares to be sold will represent approximately 24.8% of IEnova's outstanding shares. Settlement of the offerings is expected to occur on 19 October, subject to the completion of customary closing conditions.
The net proceeds of all of offerings are estimated to be approximately 29.86 billion pesos (US$1.575 billion, based on the above exchange rate), after deducting underwriting discounts, commissions and estimated offering expenses payable by IEnova.
IEnova expects to use the net proceeds of the offerings to repay Sempra Energy's bridge financing of the recent purchase of PEMEX's 50% stake in Gasoductos de Chihuahua.
Sempra Energy agreed to purchase approximately US$350.70 million of common stock in the offerings. Immediately after the closing of the offerings, Sempra Energy will own approximately 66.4% of IEnova's outstanding shares.
Read the article online at: https://www.worldpipelines.com/business-news/18102016/ienova-announces-over-allotment-options/
You might also like
The World Pipelines Podcast
Juan Caballero, Chair of the AMPP Board of Directors, talks about AMPP’s global efforts to prevent corrosion and to protect assets, offering insight into how the association listens to its members and serves the pipeline industry.
Listen for free today at www.worldpipelines.com/podcasts or subscribe and review on your favourite podcast app.
Charps highlights work on US oil and gas pipeline infrastructure in upcoming TV segment
Set to film later this year, the segment will explore how Charps’ tradespeople maintain and upgrade the USA’s vital oil and gas pipelines.
