Finance & Investing | Capital Markets
Veresen Inc. Raises $150 Million in Equity Finance
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Veresen Inc. announced today it has agreed to issue 6,000,000 Cumulative Redeemable Preferred Shares, Series C at a price of $25.00 per share for aggregate gross proceeds of $150 million on a bought deal basis.
The Series C Preferred Shares will be offered to the public through a syndicate of underwriters co-led by Scotiabank, TD Securities Inc. and CIBC.
The holders of Series C Preferred Shares will be entitled to receive fixed cumulative dividends at an annual rate of 5.00%, representing $1.25 per share, payable quarterly for an initial period up to but excluding March 31, 2019, as and when declared by the Board of Directors of Veresen. The first quarterly dividend payment date is scheduled for December 31, 2013. The dividend rate will reset on March 31, 2019 and every five years…
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