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Kinder Morgan initial public offering completed

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World Pipelines,

Kinder Morgan Canada Limited (KMC) and Kinder Morgan, Inc. (KMI) have announced the completion of the initial public offering of 102 942 000 restricted voting shares of KMC at a price to the public of $17 per share for total gross proceeds of approximately CAN$1.75 billion.

The proceeds of the offering will be used by KMC to indirectly acquire am approximate 30% interest in a limited partnership that holds the Canadian business from KMI. KMI will use the proceeds it receives to pay down debt. Closing of the offering removed the final condition to KMI’s investment approval for the Trans Mountain expansion project.

The offering was made through a syndicate of underwriters co-led and joint bookrun by TD Securities Inc. and RBC Capital Markets. The underwriters have been granted an over-allotment option to purchase up to an additional 15 441 300 restricted voting shares at the offering price, exercisable in whole or in part, from time to time, until 30 days after closing of the offering.

At the closing of the offering, KMI holds approximately 70% of the issued and outstanding shares of KMC through its indirect ownership of 242 058 000 special voting shares. KMI also holds an approximate 70% interest in the limited partnership that holds the Business. The restricted voting shares will begin trading today on the Toronto Stock Exchange under the symbol 'KML'.


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Canada pipeline news Kinder Morgan pipeline news