Finance & Investing | Fundraising | Capital Markets
Spectra Energy Launches $420MM Public Offering
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Spectra Energy Corp announced that its public offering of 14 million shares of its common stock was priced at $30 per share to the public.
Barclays Capital Inc. is acting as the sole underwriter for the offering. The company expects the delivery of the shares to occur on April 8, 2016, subject to customary closing conditions. In addition, Barclays Capital Inc. has a 25-day option to purchase up to 2.1 million additional shares of the company's common stock.
Assuming no exercise of the option to purchase additional shares, Spectra Energy expects to receive gross proceeds from the offering of approximately $420 million (before the underwriting discount and other estimated offering expenses payable by the company). Spectra Energy expects to use the net proceeds from this offering to purchase…
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