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Kinder Morgan plans the largest IPO in Canadian history

Kinder Morgan plans the largest IPO in Canadian history

Kinder Morgan Canada has filed a preliminary prospectus with Canadian securities regulators in preparation for its upcoming IPO. The company plans to issue about 80 to 90 million Restricted Voting Shares at a price of $19 to $22 a share. The sale is expected to generate $1.75 billion.

Parent-company Kinder Morgan will own about 260 million Special Voting Shares, retaining ownership of about 75% of the Canadian entity. The IPO would be the largest in Canadian history, valued at about $7 billion.

Kinder Morgan says it will use the funds to build the $7.4 billion expansion of the Trans Mountain pipeline.

The filing squashed rumours that Kinder Morgan was close to selling a stake in its Canadian subsidiary to US-private equity firm ArcLight Capital Partners.

Aside from the Trans Mountain line Kinder Morgan Canada includes the Canadian portion of the Cochin condensate pipeline, various terminals in Edmonton and Vancouver as well as the Puget Sound and Jet Fuel pipelines.

Kinder Morgan plans to issue the new shares between May 22 and May 29 on the Toronto Stock Exchange. The stock will likely pay out a dividend of 3.0 to 3.4%.

Federal Liberals boost funding for Clean Tech initiatives in the energy sector

Federal Liberals boost funding for Clean Tech initiatives in the energy sector

OPEC be damned: EIA warns of explosive growth in crude output from Canada, Brazil and US shale

OPEC be damned: EIA warns of explosive growth in crude output from Canada, Brazil and US shale

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