Veresen Inc. (TO: VSN) closed its bought deal offering of 6 million cumulative redeemable preferred shares, series C sold at $25 per share.
The company received aggregate gross proceeds of $150 million. The offering was first announced by Veresen on Oct. 9 when Veresen entered into an agreement with a syndicate of underwriters. Scotiabank, TD Securities Inc., and CIBC co-led the syndicate of underwriters.
Proceeds will be used to reduce indebtedness and for general corporate purposes.
The series C preferred shares have been rated Pfd-3 (high) by DBRS Ltd. and P-3 (high) by Standard & Poor's, a division of The McGraw Hill Companies Inc.
The series C preferred shares will begin trading on the Toronto Stock Exchange today under the symbol "VSN-PR-C." The series C preferred shares have not been registered under the U.S. Securities Act and may not be offered or sold in the U.S. absent registration or an applicable exemption from the registration requirements.
Veresen Inc. is a publicly-traded dividend paying corporation that owns and operates energy infrastructure assets across North America. The company is based in Calgary.