Citing stronginvestor demand, TransCanada Corp.increased the size of its preferred share bought-deal offering to 20 million shares, for aggregate gross proceedsof C$500 million.
The increasedoffering does not include the underwriters' overallotment option, TransCanada saidin an April 13 news release. Net proceeds are expected to be used for general corporatepurposes and to reduce short-term indebtedness used to fund the company's capitalprogram.
Earlier on April13, the company announced the offering of 12,000,000 preferred shares for expectedgross proceeds of C$300 million.
The syndicateof underwriters is co-led by TD Securities Inc., BMO Capital Markets and Scotiabank.The offering is scheduled to close April 20.