Finance & Investing | General | Capital Markets
Spectra Makes Common Stock Offering
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Spectra Energy Corp has reported its intent to offer approximately 12,800,000 shares of its common stock in a registered public offering. In addition, the underwriters are expected to have a 30 day option to purchase up to 1,920,000 additional shares of the company's common stock.
The company intends to use the net proceeds from the offering to fund acquisitions, capital expenditures and for other general corporate purposes, which may include funding a portion of the purchase price for the Express-Platte Pipeline System. Pending the use of proceeds for such purposes, the company expects to use the net proceeds to repay commercial paper as they mature or invest them temporarily in short-term marketable securities.
BofA Merrill Lynch, Barclays and UBS Investment Bank are acting as joint…
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