Encana Corp. completed the bought deal offer of about 85.6 million common shares priced at CA$14.60 each, the company said March 16.
There were about CA$1.25 billion in net proceeds.
The syndicate of underwriters was granted a monthlong overallotment option to purchase about 12.8 million additional shares, the company said.
On April 6, the proceeds will redeem US$700 million in long-term debt that matures in 2017 and CA$750 million in long-term debt that matures in 2018. About US$165 million in early interest needs to be paid for the redemptions, Encana added.
The underwriters were led by by RBC Capital Markets, Credit Suisse (NYSE: CS) and Scotiabank.
Calgary, Alberta-based Encana Corp. produces and transports natural gas, oil and NGL in North America.
Recommended Reading
Enbridge Advances Expansion of Permian’s Gray Oak Pipeline
2024-02-13 - In its fourth-quarter earnings call, Enbridge also said the Mainline pipeline system tolling agreement is awaiting regulatory approval from a Canadian regulatory agency.
Canadian Natural Resources Boosting Production in Oil Sands
2024-03-04 - Canadian Natural Resources will increase its quarterly dividend following record production volumes in the quarter.
NGL Growth Leads Enterprise Product Partners to Strong Fourth Quarter
2024-02-02 - Enterprise Product Partners executives are still waiting to receive final federal approval to go ahead with the company’s Sea Port Terminal Project.
Kissler: OPEC+ Likely to Buoy Crude Prices—At Least Somewhat
2024-03-18 - By keeping its voluntary production cuts, OPEC+ is sending a clear signal that oil prices need to be sustainable for both producers and consumers.
Uinta Basin: 50% More Oil for Twice the Proppant
2024-03-06 - The higher-intensity completions are costing an average of 35% fewer dollars spent per barrel of oil equivalent of output, Crescent Energy told investors and analysts on March 5.